Show the profit maximizing quantity for that farmer

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Draw the relevant diagrams for a typical farm, and for the market as a whole, when the market for wheat is in long run equilibrium. Assume the farm faces perfect completion. Make sure to include Demand, MC, MR and AC on the firms graph based on what we learned about perfect competitors and show the profit maximizing quantity for that farmer. Show the market equilibrium at $3.50/bushel and 1200 thousand bushels of wheat.

Reference no: EM13456232

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