At the beginning of the growing? season, Cecil planted 17 acres of wheat at a cost of? $5,057. Now it is harvest time. Each acre will produce 48 bushels of? wheat, and wheat sells for ?$4.75 per bushel. Harvesting the wheat will cost Cecil? $1,702.
The total cost of harvesting wheat is $ ________
The marginal cost of harvesting wheat is $ ________
The marginal benefit of harvesting wheat is $ __________
What does? cost-benefit analysis suggest that Cecil? do?
1. Cecil should harvest the wheat because marginal benefit exceeds marginal cost.
2. Cecil should not harvest the wheat because total cost excceds marginal benefit
3. Cecil should not harvest the wheat because marginal benefit exceeds marginal cost
4. Cecil should not harvest the wheat because marginal cost exceeds marginal benefit.