Grain Prices Go the Way of the Oil Price Every morning millions of Americans confront the latest

Grain Prices Go the Way of the Oil Price Every morning millions of Americans confront the latest trend in commodities markets at their kitchen table. Rising prices for crops have begun to drive up the cost of breakfast. Source: The Economist, July 21, 2007 Explain how the rising price of crops affects the average total cost and marginal cost of producing breakfast cereals.

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