Homework Answers
For this problem, we need to maximize the yield and hence, we should use Simplex LP.
Option C is correct.
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A farmer can grow wheat or corn. The unit profits for a bushel of each are...
A farmer can grow wheat or corn. The unit profits for a bushel of each are the same. To grow wheat (W) and corn (C...
A farmer can grow wheat or corn. The unit profits for a bushel of each are the same. To grow wheat (W) and corn (C), the farmer requires four input factors: Capital (K), land (L), A-Fertilizer (A), and B-fertilizer (B). The production of one bushel of corn requires two units of capital and the production of one unit of wheat four units of capital. The farmer has 32 units of capital available. The production of one bushel of corn requires...
Questions 1-30 refer to the following problem: A farmer can grow wheat or corn. The unit profits for a bushel of...
Questions 1-30 refer to the following problem: A farmer can grow wheat or corn. The unit profits for a bushel of each are the same. To grow wheat (W) and corn (C), the farmer requires four input factors: Capital (K), land (L), A-Fertilizer (A), and B-fertilizer (B). The production of one bushel of corn requires two units of capital and the production of one unit of wheat four units of capital. The farmer has 32 units of capital available. The...
A farmer owns 450 acres of land. He is going to plant each acre with wheat...
A farmer owns 450 acres of land. He is going to plant each acre with wheat or corn. Each acre planted with wheat yields $2000 profit, requires three workers and requires two tons of fertilizer. Each acre planted with corn yields $3000 profit, requires two workers, and requires four tons of fertilizer. There are currently 1000 workers and 1200 tons of fertilizer available. The farmer wants to maximize his profit from planting his land. a) Write the managerial formulation for...
Please answer a,b and c in rice? A production possibility frontier A farmer can grow soybeans...
Please answer a,b and c
in rice? A production possibility frontier A farmer can grow soybeans or corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. a. Construct this farmer's PPF for soybeans and corn in bushels, per acre . b. What is the opportunity cost (in dollars) per acre to grow soybeans? Corn?...
Farmer Hoglund has discovered that on his farm, he can get 30 bushels of corn per...
Farmer Hoglund has discovered that on his farm, he can get 30 bushels of corn per acre if he applies no fertilizer. When he applies N pounds of fertilizer to an acre of land, the marginal product of fertilizer is 1 − N/200 bushels of corn per pound of fertilizer. (a) If the price of corn is $3 a bushel and the price of fertilizer is $p per pound (where p < 3), how many pounds of fertilizer should he...
1) Walnut Orchard has three farms that grow wheat and corn. Because of differing soil conditions,...
1) Walnut Orchard has three farms that grow wheat and corn. Because of differing soil conditions, there are differences in yields and costs of growing crops on the three farms (see Table 1). Corn yield/acre Cost/acre of corn Wheat yield / acre Cost/ acre of wheat Acres available Farm 1 500 bushels $800 350 bushels $1000 100 Table 1 Farm 2 650 bushels $920 400 bushels $900 120 Farm 3 450 bushels $700 375 bushels $800 90 In addition, each...
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His...
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. a. Fill in the table below to answer the following questions. How many bushels will each of the farmer’s five acres produce? How much revenue will each acre...
Suppose a farmer has several plots of land on which he can grow wheat or corn. The following table lists his options for...
Suppose a farmer has several plots of land on which he can grow wheat or corn. The following table lists his options for production: Option Wheat Corn A 100 0 B 80 35 C 60 65 D 40 85 E 20 105 F 0 110 a) Construct a graph of the farmer’s PPF with corn on the Y-axis and wheat on the X-axis. Plot points A through F on the PPF. b) What is the opportunity cost of an additional...
A 6-month forward contract for corn exists with a price of $1.70 per bushel. If Farmer...
A 6-month forward contract for corn exists with a price of $1.70 per bushel. If Farmer Jayne decides to hedge her 20,000 bushels of corn with the forward contract, what is her profit or loss if spot prices are $1.65 or $1.80 when she sells her crop in 6 months? Her total costs are $33,000. 5. S0 loss or $3,000 loss $1,000 gain or $1,000 gain A) $1,000 gain or $1,000 loss C) D) B) S0 gain or $3,000 gain...
Problem 1-1 A farmer owns 450 acres of land. He is going to plant each acre...
Problem 1-1 A farmer owns 450 acres of land. He is going to plant each acre with wheat or corn. Each acre planted with wheat yields $4000 profit, requires three workers, and requires two tons of fertilizer. Each acre planted with corn yields $2000 profit, requires two workers, and requires four tons of fertilizer. There are currently 1000 workers and 1200 tons of fertilizer available. To hedge against risk, the farmer wants to sure that the acres of wheat do...
A farmer can grow wheat or corn. The unit profits for a bushel of each are the same. To grow wheat (W) and corn (C), the farmer requires four input factors: Capital (K), land (L), A-Fertilizer (A), and B-fertilizer (B). The production of one bushel of corn requires two units of capital and the production of one unit of wheat four units of capital. The farmer has 32 units of capital available. The production of one bushel of corn requires...
Questions 1-30 refer to the following problem: A farmer can grow wheat or corn. The unit profits for a bushel of each are the same. To grow wheat (W) and corn (C), the farmer requires four input factors: Capital (K), land (L), A-Fertilizer (A), and B-fertilizer (B). The production of one bushel of corn requires two units of capital and the production of one unit of wheat four units of capital. The farmer has 32 units of capital available. The...
Please answer a,b and c
in rice? A production possibility frontier A farmer can grow soybeans or corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. a. Construct this farmer's PPF for soybeans and corn in bushels, per acre . b. What is the opportunity cost (in dollars) per acre to grow soybeans? Corn?...
1) Walnut Orchard has three farms that grow wheat and corn. Because of differing soil conditions, there are differences in yields and costs of growing crops on the three farms (see Table 1). Corn yield/acre Cost/acre of corn Wheat yield / acre Cost/ acre of wheat Acres available Farm 1 500 bushels $800 350 bushels $1000 100 Table 1 Farm 2 650 bushels $920 400 bushels $900 120 Farm 3 450 bushels $700 375 bushels $800 90 In addition, each...
A 6-month forward contract for corn exists with a price of $1.70 per bushel. If Farmer Jayne decides to hedge her 20,000 bushels of corn with the forward contract, what is her profit or loss if spot prices are $1.65 or $1.80 when she sells her crop in 6 months? Her total costs are $33,000. 5. S0 loss or $3,000 loss $1,000 gain or $1,000 gain A) $1,000 gain or $1,000 loss C) D) B) S0 gain or $3,000 gain...
Problem 1-1 A farmer owns 450 acres of land. He is going to plant each acre with wheat or corn. Each acre planted with wheat yields $4000 profit, requires three workers, and requires two tons of fertilizer. Each acre planted with corn yields $2000 profit, requires two workers, and requires four tons of fertilizer. There are currently 1000 workers and 1200 tons of fertilizer available. To hedge against risk, the farmer wants to sure that the acres of wheat do...
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