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.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 6QR
Related questions
Question
i need in words
not handwritten solution please
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning