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Business, 17.04.2020 00:13 Mepps9949

The production of agricultural products like wheat is one of the few examples of a perfectly competitive industry. In this question, we analyze results from a study released by the U. S. Department of Agriculture about wheat production in the United States in 1998. The average variable cost per acre planted with wheat was $107 per acre. Assuming a yield of 50 bushels per acre, calculate the average variable cost per bushel of wheat.

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