You are trying to determine the appropriate enterprise combination for wheat grain and grazing. Complete...
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You are trying to determine the appropriate enterprise combination for wheat grain and grazing. Complete the following worksheet considering different strategies for production and answer the questions that follow. The price of wheat grain is $3.25 per unit and the prize of grazing is $0.60 per unit Strategy Grazing (Units) Wheat Grain (Units) Output Substitution Output Price Ratio or MRT Ratio A 0 NA NA B 750 0 1500 2000 2000 1900 1750 1535 0.13 2250 3000 3750 1290 Output substitution ratio 0.33 quantity of output lost quantity of output gained price of output gained price of output lost Output price ratio = Is the above a competitive, supplementary or complementary enterprise combination and explain how you determined as much from the table. (5 pts) IF
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