QUESTION 17 5 points The table below lists all the producers of corn in a hypoth

Question

QUESTION 17 5 points The table below lists all the producers of corn in a hypothetical market, along with each producer's marginal cost and his or her capacity to produce per year. Notice that some producers incur much lower costs than others. Producer Marginal Cost per bushel Farmer Jane Farmer Sally Farmer Joe Farmer Ivan Farmer Archer S2.50 3.00 3.75 4.00 4.50 Quantity supplied per year, in thousands of bushels 100 70 50 40 20 If the market price of corn is $3.25, the quantity supplied in the market for corn would equalthousand bushels per year. 10 points QUESTION 18 Refer again to the table in the previous question. If the market price of com increased from $3.25 to $3.80, Click Save and Submit to saue and submit. Click Save All Answers to save all answers.

Explanation / Answer

Answer.) 170 thousand bushels per year

Note that at market price $3.25 only farmer Jane and Farmer Sally will be willing to trade. Since marginal cost of other 3 farmers is higher than the market price of corn, they would not be willing to trade any quantity.

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