As mentioned in the problem,
Production of one unit wheat require 4 units of capital so in cell c - 4
Production of one bushel of corn require 2 units of land so in cell d- 2
Production of one unit wheat require 1 units of land so in cell e - 1
Questions 1-30 refer to the following problem: A farmer can grow wheat or corn. The unit profits for a bushel of...
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...
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...
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 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...
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...
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...
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...
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. Suppose that corn currently costs $4 per bushel and that wheat currently costs $3 per bushel. Also assume that the price elasticity of corn is 0.10, while the price elasticity of wheat is 0.15 Both have an income elasticity of 0.10. If the price of corn fell by 25 percent to $3 per bushel, by what percentage would the quantity demanded of corn increase? What if the price of wheat fell by 33 percent to $2 per bushel? a....
The Hogg company are a group of Oklahoma agricultural producers. The Hoggs want to derive a production process that will satisfy their goals. These farmers can produce corn, wheat, and/or hogs. The acreage they can cultivate for crops is 1100 acres, of which 600 acres is for corn production and 500 acres for wheat production. The Hogs have a maximum of 2000 hr of labor available for crop operations and 600 hr of labor for their hog operation. Corn production...