A farmer must decide what combination of seed, water, fertilizer, and pest control will be most prof- itable for the coming year. The local agricultural college did a study of this farmer's situation and prepared the following table. Plan Cost/acre Income/acre A $ 600 $ 800 В 1500 1900 1800 2250 D 2100 2500

A farmer must decide what combination of seed, water, fertilizer, and pest control will be most prof- itable for the coming year. The local agricultural college did a study of this farmer's situation and prepared the following table. Plan Cost/acre Income/acre A $ 600 $ 800 В 1500 1900 1800 2250 D 2100 2500

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

1-28 A farmer must decide what combination of seed,
water, fertilizer, and pest control will be most prof-
itable for the coming year. The local agricultural
college did a study of this farmer's situation and
prepared the following table.
Plan
Cost/acre
Income/acre
A
$ 600
$ 800
В
1500
1900
C
1800
2250
D
2100
2500
(e) Select the criterion for determining the best alter-
native.
(f) Construct a model.
(g) Predict each alternative's outcomes or conse-
quences.
(h) Choose the best alternative.
(i) Audit the result.

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