Purely competitive wheat farmer can sell any wheat

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Reference no: EM1319254

Q. A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land Elucidate how diminishing returns, since some are better suited for wheat production than others. The first acre can produce 1000 bushels of wheat the second acre 900 the third 800 also so on. Fill in the table given below to answer the following questions. Elucidate how many bushels will each of the farmer's five acres produce? Elucidate how much income will each acre generate? Illustrate what are the TR also MR for each acre?

Reference no: EM1319254

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