A purely competitive wheat farmer can sell any wheat he grows for $10 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. Draw a table with multiple columns to help you 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 MR for each acre? If the marginal cost of planting and har- vesting an acre is $7,000 per acre for each of the five acres, howm any acres should the farmer plant and harvest?
A purely competitive wheat farmer can sell any wheat he grows
for $10 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. Draw a table with
multiple columns to help you 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 MR for each acre? If the marginal cost of planting and har-
vesting an acre is $7,000 per acre for each of the five acres, howm any acres should the farmer plant and harvest?
Note:- Don't use pen or paper
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