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SalaDinHo SalaDinHo
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5 years ago

This question pertains to the following table that gives the output produced (in bushels) and price of corn received ($/bushel) for Farmer Smith over the period 2008 to 2010. Assume that the only source of income for Farmer Smith is from the production of corn. Also assume that all production costs are zero. 





 
 
   
   
   
   
 
 
   
   
   
   
 
 
   
   
   
   
 
 
   
   
   
   
 
 
YearOutputPriceCPI
20086,000$2.001.00
20098,000$2.601.10
201010,000$2.501.40
The best year in terms of real income for Farmer Smith was



• 2008.

• 2009.

• 2010.

• can't tell; insufficient information.
Textbook 
Introduction to Agricultural Economics

Introduction to Agricultural Economics


Edition: 7th
Authors:
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Antoinette12Antoinette12
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5 years ago
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