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Q. A purely spirited wheat farmer can sell any wheat he grows for $20 per bushel. His 5 acres of land show diminishing returns it is because some are better suited for wheat production than others. The first acre can produce 1000 bushels of wheat, the 2nd acre 900, the third 800 as well as so on. How many bushels will each of the farmer's 5 acres produce? How much income will each acre generate? What are the TR moreover MR for each acre?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9158962

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