What will be price of wheat and how many wheat farms

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Q. Explain law of diminishing returns (in your response make sure you discuss relationship between marginal and average productivity). Do you think law of diminishing returns is binding when technology is improving? Explain your answer.

Q. If market demand curve for wheat is given by Q=2,600,000 - 200,000P , in long-run equilibrium, what will be price of wheat, how much total wheat will be demanded and how many wheat farms will there be?

Reference no: EM1372550

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