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The following table shows the supply schedule of wheat for three farmers in the economy. Assume that ...

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The following table shows the supply schedule of wheat for three farmers in the economy. Assume that ...

The following table shows the supply schedule of wheat for three farmers in the economy. Assume that these three farmers constitute the entire market.

Price ($ per bushel)	Farmer 1 Quantity Supplied (bushels)	Farmer 2 Quantity Supplied (bushels)	Farmer 3 Quantity Supplied (bushels)
$10	8	17	30
$8	6	14	28
$6	4	11	24
$4	2	8	18
$2	0	5	8
$0	0	0	0

Which farmer has the highest marginal cost of producing the 8th bushel of wheat?

▸ Farmer 1

▸ Farmer 2

▸ Farmer 3

▸ They all have the same marginal cost of producing the 8th bushel of wheat.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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gyoku2302 Author

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Correct

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