TABLE 8.12 (Source: USDA

National Agricultural Statistics

Service)

Historically, wheat prices have been higher than corn prices, offsetting wheat’s lower yield per acre. However, in

recent years wheat and corn prices have been converging. In April 2013, Agweekreported the gap was just 71 cents

per bushel. As the difference in price narrowed, switching to the production of higher yield per acre of corn simply

made good business sense. Erik Younggren, president of the National Association of Wheat Growers said in the

Agweekarticle, “I don't think we're going to see mile after mile of waving amber fields [of wheat] anymore." (Until

wheat prices rise, we will probably be seeing field after field of tasseled corn.)

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8 • Key Terms 209

Key Terms

break even point level of output where the marginal cost curve intersects the average cost curve at the

minimum point of AC; if the price is at this point, the firm is earning zero economic profits
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