Demand 100 -0 90 Supply Curve 80 70 Equilibrium 80 50 PRICE (Cents per bushel) 40 30 20 10 0 450 900 1350 1800 2250 2700 3150 3600 4050 4500 QUANTITY (Thousands of bushels)5. Shortrun equilibrium Consider a perfectly competitive market for wheat in Philadelphia. There are 90 rms in the industry, each of which has the cost curves shown on the following graph: \f111e following graph shows the market demand for wheat. 1. Use the orange points (square symbol) to piot the short-run industry supplyr curve for the wheat industry. Specicaliy, place an orange point at the lowest point of the suppiy curve and another orange point at the highest point of the suppi],r curve. { Hint: You can disregard the portion of the suppi].r curve that corresponds to pn'ces where there is no output, since this is the industry supply curve. Piot your points in the order in which you would like them connected. tine segments wili connect the points automatically.) 2. Place the black point (piss symbol) on the graph to indicate the shortrun equilibrium price and cruantit],r in this market. (Note: Dashed drop iines wili autornatirsalijrr extend to both axes. ,J QUANTITY (Thousands of busi shut down produce At the current short-run market price, firms will in the short run. In the long run, the market given the current market price.