Question

Problem 01-02 To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.30 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. sInstructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue (or marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to two decimal places. Additional Additional of Pounds of Pounds of marginal benefit 120.0 128.0 130.0 131.5 If compost costs $O.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add? You should add pounds of compost to search

Answer 1

Note that profit is equal to TR-TC where TR = price of tomatoes*quantity of tomatoes and TC= price of compost*quantity of compost.We can maximize profits when 4 pounds of composts are added as as shown in the pic attached here.

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Pounds of Pomds of AdiHimal pans oimal Poot CTR-T torn at CO Joo.0 12ο 12S 12 & 130 13 1 31. 30 20x0.3= 6 33-5 20 5 3 2. Sxo.3-S 2 3 너 5 6 364 2 x0-3-0.6