At the beginning of the growing season, Cecil planted 15 acres of wheat at cost

ID: 1155783 • Letter: A

Question

At the beginning of the growing season, Cecil planted 15 acres of wheat at cost of $5,267. Now it’s harvest time. Each acre will produce 42 bushels of wheat, and wheat sells at $4.69 per bushel. Harvesting the wheat will cost Cecil $1,699. What is the marginal benefit of harvesting wheat? At the beginning of the growing season, Cecil planted 15 acres of wheat at cost of $5,267. Now it’s harvest time. Each acre will produce 42 bushels of wheat, and wheat sells at $4.69 per bushel. Harvesting the wheat will cost Cecil $1,699. What is the marginal benefit of harvesting wheat?

Explanation / Answer

Ans:

Marginal benefit is the incremental benefit from producing a good or carrying out a service.In this case marginal benefit is the incremental benefit from harvesting wheat.

Calculation of marginal benefit of harvesting wheat.

Marginal benefit of harvesting wheat = (15 * 42 * $4.69)

= $2,954.7

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At the beginning of the growing season, Cecil planted 15 acres of wheat at cost

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