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(Solved): The production of agricultural products like wheat is one of the few examples of a perfectly competi ...



The production of agricultural products like wheat is one of the few examples of a perfectly competitive industry. This question analyzes results from a study released by the U.S. Department of Agriculture about wheat production in the United States in 2016.Round answers to two places after the decimal where necessary.a. The average variable cost per acre planted with wheat was $115 per acre. Assuming a yield of 44 bushels per acre, what is the average variable cost (AVC) per bushel of wheat?AVC: $per bushelb. The average price of wheat received by a farmer in 2016 was $4.89 per bushel. The average farm would havein the short run.c. With a yield of 44 bushels of wheat per acre, the average total cost per farm was $7.71 per bushel. The harvested



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