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Concept: Profit Maximization Graph Farmer Smith grows wheat. The average total cost and marginal cost of growing wheat for an individual farmer are illustrated in the graph to the right. 10- MC Suppose the market for wheat is perfectly competitive. If the market price is $7 per bushel, then to maximize profits, farmer Smith should produce thousand bushels of wheat. (Enter a numeric response using an integer.) Price and cost (dollars per bushel) ATC -Price 0 20 30 40 50 60 70 80 90 100 Quantity of wheat (bushels per month in 1000s)