A farmer is determining how much land, q (acres), to actively bring into cultivation over a two year period (i=1,2). For soil sustainability purposes, once the land is cultivated in year one, it cannot be cultivated in year two: http://www.worldwildlife.org/threats/soil-erosion-and-degradation. You can also re-watch It's Alive: Going Places (ranching in Texas). The annual MB=40-0.5*gi and MC=8. If there was no scarcity, how many acres would be cultivated each period?

A farmer is determining how much land, q (acres), to actively bring into cultivation over a two year period (i=1,2). For soil sustainability purposes, once the land is cultivated in year one, it cannot be cultivated in year two: http://www.worldwildlife.org/threats/soil-erosion-and-degradation. You can also re-watch It's Alive: Going Places (ranching in Texas). The annual MB=40-0.5*gi and MC=8. If there was no scarcity, how many acres would be cultivated each period?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A farmer is determining how much land, g (acres), to actively bring into cultivation over a two year period (i=1,2). For soil sustainability purposes, once the land is cultivated in year
one, it cannot be cultivated in year two: http://www.worldwildlife.org/threats/soil-erosion-and-degradation. You can also re-watch It's Alive: Going Places (ranching in Texas). The
annual MB=40-0.5*gi and MC=8.
If there was no scarcity, how many acres would be cultivated each period?
Answer:
64
Now assume the discount rate is 10% and there are 100 acres to farm. What is the price to cultivate an acre in year 1?
Answer:
Now assume the discount rate is 10% and there are 100 acres to farm. What is the price to cultivate an acre in year 2?
Answer:

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