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Perfect Competition and the Supply Curve End of Chapter Problem 11. The production of agricultural products like wheat is one of the few examples of a perfectly competitive industry. This question analyzes results from a study released by the US. Department of Agriculture about wheat production in the United States in 2016. Round answers to two places after the decinvaal.r where necessary. a. The average variable cost per acre planted with wheat was $115 per acre. Assuming a yield of 44 bushels per acre, what is the average variable cost (AVC) per bushel of wheat? b. The average price of wheat received by a farmer in 2016 was $4.89 per bushel. The average farm would have v in the short run. c. With a yield of 44 bushels of wheat per acre, the average total cost per farm was $7.71 per bushel. The harvested acreage for wheat in the United States decreased from 48.8 million acres in 2013 to 43.9 million acres in 2016. This might have happened because the price was ' (1. Using the above information, market wheat production will ' after 2016