Part A & B

A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. Instructions: Enter your answers as a whole number. a. Use the table below to help answer the following questions. How many bushels will each of the farmer's five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre? Acre That Acre's That Acre's Yield (bushels) TR MR Revenue 0 $0 2 A b. If the marginal cost of planting and harvesting an acre is $22,500 per acre for each of the five acres, how many acres should the farmer plant and harvest? acres