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Farmer Jones is producing wheat and must accept the market price of $8.50 per bushel. At this time, her average total costs and her marginal
Farmer Jones is producing wheat and must accept the market price of $8.50 per bushel. At this time, her average total costs and her marginal costs both equal $8.50 per bushel. Her minimum average variable costs are $6.25 per bushel. In order to maximize profits or minimize losses in the short run, farmer Jones should
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