Plot the industry supply curves

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Will, Jill, and Phil are all wheat farmers. The wheat industry is perfectly (purely) competitive. The top chart shows how much each farmer produces at different price levels. The lower chart shows each farmers minimum Average Total Cost, Average Variable Cost, and Marginal Cost. Based on this data (assuming these three are the only producers), plot the industry supply curves: one for the short run, and a second for the long run.

Reference no: EM131004934

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