There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. Instructions: Enter your answers as a whole number. a. What is the percentage rate of return for these 298 dairies? percent b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? I percent
There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. Instructions: Enter your answers as a whole number. a. What is the percentage rate of return for these 298 dairies? percent b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? I percent
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 3P
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![There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates
profits of $24 for every $300 invested.
Instructions: Enter your answers as a whole number.
a. What is the percentage rate of return for these 298 dairies?
percent
b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of
return?
percent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c570eb0-bd58-49d6-b306-b9b9feaab155%2Fea58ea2c-d27d-4742-86bd-2f81870f75ae%2F4yqlt4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates
profits of $24 for every $300 invested.
Instructions: Enter your answers as a whole number.
a. What is the percentage rate of return for these 298 dairies?
percent
b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of
return?
percent
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