The farmer produces 102 bushels of wheat at a total cost of $2 per bushel. He sells all of the wheat to Firm F for $4 per bushel.

Firm F produces 59 pounds of flour from the wheat at a total cost of $6 per pound (including the amount paid to the farmer for the wheat). Firm F sells 43 pounds of flour to consumers for $12 per pound.

There are no other firms in this simple economy.

In total, how much profit do the farmer and Firm F earn?

Enter a whole number with no dollar sign.

Answer rating: 100% (QA)

To calculate the total profit earned by the farmer and Firm F we need to ... View the full answer