Business, 15.10.2019 13:30, 27lcasselberry

Apurely competitive wheat farmer can sell any wheat he grows for $20 per bushel. his five acres of land show diminishing returns because some are better suited for wheat production than others. the first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. a) use the table below to answer the following questions. how many bushels will each of the farmer's five acres produce? how much revenue will each acre generate? what are the tr and the mr for each acre? number of acres that acre's yield that acre's revenue tr mr0 - $0 $0 -1 2 3 4 5 b) if the marginal cost of planting and harvesting an acre is $14,000 per acre for each of the five acres, how many acres should the farmer plant and harvest?

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Apurely competitive wheat farmer can sell any wheat he grows for $20 per bushel. his five acres of l...