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Farmer Ned wants to cash in on the increased demand for ethanol. Accordingly, he purchased a corn farm in Iowa. Ned believes his corn crop

Farmer Ned wants to cash in on the increased demand for ethanol. Accordingly, he purchased a corn farm in Iowa. Ned believes his corn crop can be sold to an ethanol plant for $10.00 per bushel. Variable cost associated with growing and selling a bushel of corn is $7.70. Ned

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