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NEED BOLDED QUESTIONS ANSWERED Suppose there are 100 grain farmers within a perfectly competitive market, each with identical cost structures as shown in the following

NEED BOLDED QUESTIONS ANSWERED

Suppose there are 100 grain farmers within a perfectly competitive market, each with identical cost structures as shown in the following table:

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Production Costs (per Farm) Demand Output Total Cost Price Bushels per day) (per Day) Quantity Demanded (per bushel) (Bushels per Day) 0 $5 $1 600 $7 $2 500 2 $10 $3 400 $14 $4 300 $19 $5 200 $25 $6 100 6 $33 $7 50Assignments Instructions: Use the tool provided 'Supply' to draw the supply curve. T coordinates, double click on the point and enter the values of x and y. 8 Tools Price(dollars per bushel) 6 . Supply es N Demand O 100 200 300 400 500 600 Quantity (bushels per day)

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