5. You are the general manager for Mr. Ollinder ("Oll") MacDonald, who owns three farms that all produce wheat and that use only labor as inputs. He has seven loyal farmhands, who are all equally skilled and who he can assign to any of the three farms. Mr. MacDonald is committed to employing the farmhands and to growing wheat. Mr. MacDonald's friend, Mr. S.L.M. ("Slim") Pickins, is an agronomist who works for the U.S. Department of Agriculture. Mr. Pickins has estimated the following relationships between worker-years at a specific farm and total wheat yields (in thousands of bushels) per year at that farm: # of workers 1 2 3 4 5 6 7 Farm A 80 140 180 210 230 245 250 Farm B 40 70 90 105 115 120 123 Farm C 60 85 105 120 130 135 138 a. Mr. MacDonald wants to maximize the output that he can obtain by allocating the seven workers across the three farms. What allocation of the workers will maximize his output? Explain.

5. You are the general manager for Mr. Ollinder ("Oll") MacDonald, who owns three farms that all produce wheat and that use only labor as inputs. He has seven loyal farmhands, who are all equally skilled and who he can assign to any of the three farms. Mr. MacDonald is committed to employing the farmhands and to growing wheat. Mr. MacDonald's friend, Mr. S.L.M. ("Slim") Pickins, is an agronomist who works for the U.S. Department of Agriculture. Mr. Pickins has estimated the following relationships between worker-years at a specific farm and total wheat yields (in thousands of bushels) per year at that farm: # of workers 1 2 3 4 5 6 7 Farm A 80 140 180 210 230 245 250 Farm B 40 70 90 105 115 120 123 Farm C 60 85 105 120 130 135 138 a. Mr. MacDonald wants to maximize the output that he can obtain by allocating the seven workers across the three farms. What allocation of the workers will maximize his output? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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