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Consider a perfectly competitive market for wheat in Philadelphia

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Consider a perfectly competitive market for wheat in Philadelphia. There are 100 firms in the industry, each of which has the cost curves shown on the following graph: ? 100 90 MC 80 70 60 ATC COST (Cents per bushel) 50 40 30 AVC 20 10 0 0 50 5 10 15 20 25 30 35 45 QUANTITY OF OUTPUT (Thousands of bushels)
The following graph shows the market demand for wheat. Use the orange points (square symbol) to plot the short-run industry supply curve for the wheat industry. Specifically, place an orange point at the lowest point of the supply curve and another orange point at the highest point of the supply curve. (Note: You can disregard the portion of the supply curve that corresponds to prices where there is no output, since this is the industry supply curve. Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Then, place the black point (plus symbol) on the graph to indicate the short-run equilibrium price and quantity in this market. (Note: Dashed drop lines will automatically extend to both axes.) 100 Demand 90 Supply Curve 80 + 70 60 Equilibrium PRICE (Cents per bushel) 40 30 20 10 0 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 QUANTITY OF OUTPUT (Thousands of bushels)