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How much revenue will each acre generate

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Reference no: EM132240688

A purely competitive cotton producer can sell any quantity of cotton he produces for €10 per kg. His five acres of land show diminishing returns because some are better suited for cotton production than others. The first acre can produce 1000 kg, the second acre 900, the third 800, and so on.

a) How much revenue will each acre generate?

b) What are the TR and MR for each acre?

c) If the marginal cost of planting and harvesting an acre is €7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?

Reference no: EM132240688

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