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Suppose that, at the beginning of the year, the price of corn is $3.80 per bushel and 14 billion bushels are harvested. There are approximately
Suppose that, at the beginning of the year, the price of corn is $3.80 per bushel and 14 billion bushels are harvested. There are approximately 400,000 corn farmers, so the average output per farmer is about 35,000 bushels. Part 2 At the beginning of the year, the average corn farmer produced enter your response here% of the total corn production. (Enter your response rounded to five decimal places.)
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