A purely 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. Fill in 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 MR for each acre? Acre # That Acre's Yield That Acre's Revenue TR MR $ 1. 3 4 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? acre(s)

A purely 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. Fill in 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 MR for each acre? Acre # That Acre's Yield That Acre's Revenue TR MR $ 1. 3 4 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? acre(s)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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