Exploring Economics
Exploring Economics
8th Edition
ISBN: 9781544363356
Author: Robert L. Sexton
Publisher: Sage Publications
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Chapter 4, Problem 12P
To determine

Felix is a wheat farmer who has two fields he can grow wheat. The first field is right next to his house and the top soil is rich and thick, the second field is 10miles away in the mountains with rocky soil. At current price felix produces enough to cover his costs his cost of production from the field next to him. To determine the state of market price of the wheat for felix to have the incentive to produce from the second field

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