Part 1: Graphical Analysis of Perfect Competition Use the graph to answer questions 5 and & Revenue and cost (dollars per bushel) 0 10 20 30 40 50 Qutput (thousands of bushels per year) Figure 1.1 A Price Taker's Wheat Production and the Average Cosis Curves 5. (2 points) How many bushels of wheat does the farmer produce if the price is 23 per bushel? Explain why the quantity in terms of a price-taker decision and marginal analysis. {Box will expand as you type) 6. (2 points) If the price falls to 31.50 per bushel in the next season, based on the shutdown rule and assuming other things stay the same. should the wheat farmer stay open or shut down in the next season'? Explain in terms of revenue, fixed cost, and variable cost, and the shut-down rule. {Box will expand as you type)