
Article Summary
According to the Department of Agriculture, net farm income in 2017 will rise from $61.5 billion in 2016 to $63.4 billion in 2017, a modest 3.1 percent increase but also the first increase since 2013. Much of the increase came from the sales of grain inventory, along with increased revenue from milk and livestock. The net income for 2017 is still only about half of its peak level, and according to agricultural economist David Widmar, income closer to $72 billion would be a sign of an improving farm economy.
Source: Alan Bjerga and Jeff Wilson, "First U.S. Farm-Income Gain in Four Years Signals Hope of Bottom," bloomberg.com, August 30, 2017.
-Refer to the Article Summary.Assume that after the slight increase in U.S.farm income in 2017, farmers are expected to break even in 2018.This means that at the quantity being produced in 2018,
A) MC = AVC.
B) MR = MC.
C) MR = ATC.
D) AVC = ATC.
Correct Answer:
Verified
Q113: Figure 12-4 Q114: If a perfectly competitive firm's price is Q115: If a perfectly competitive firm's price is Q116: Figure 12-5 Q117: Figure 12-4 Q119: Figure 12-4 Q120: Figure 12-5 Q121: A firm will make a profit when Q122: A firm will break even when Q123: Figure 12-6 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
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A)P
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