A farmer wants to maximize the revenue resulting from the production and harvesting of corn and wheat. For every 100 bushels of corn he produces he receives $265 and for every 100 bushels of wheat he produces he receives $365. However, his production is restricted by the availability of land, capital, and labor. For example, he needs one acre to produce 100 bushels of corn and three acres to produce 100 bushels of wheat, and he can plant a to- tal of 100 acres with these crops. The following table shows the availability of resources and the restrictions placed upon them. Land (acre) Capital (S) Aug. labor (h) Sept. labor (h) Value of output of 100 bushels (S) Input requirements per 100 bushels of Wheat 3 90 2 6 Corn 1 120 1 1 265 365 Available Material 100 9000 200 160 Show the farmer how he can maximize his revenue ie: how many bushels of corn and wheat will maximize his revenue.
A farmer wants to maximize the revenue resulting from the production and harvesting of corn and wheat. For every 100 bushels of corn he produces he receives $265 and for every 100 bushels of wheat he produces he receives $365. However, his production is restricted by the availability of land, capital, and labor. For example, he needs one acre to produce 100 bushels of corn and three acres to produce 100 bushels of wheat, and he can plant a to- tal of 100 acres with these crops. The following table shows the availability of resources and the restrictions placed upon them. Land (acre) Capital (S) Aug. labor (h) Sept. labor (h) Value of output of 100 bushels (S) Input requirements per 100 bushels of Wheat 3 90 2 6 Corn 1 120 1 1 265 365 Available Material 100 9000 200 160 Show the farmer how he can maximize his revenue ie: how many bushels of corn and wheat will maximize his revenue.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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![A farmer wants to maximize the revenue resulting from the production
and harvesting of corn and wheat. For every 100 bushels of corn he
produces he receives $265 and for every
100 bushels of wheat he produces he
receives $365. However, his production
is restricted by the availability of land,
capital, and labor. For example, he needs
one acre to produce 100 bushels of
corn and three acres to produce 100
bushels of wheat, and he can plant a to-
tal of 100 acres with these crops. The
following table shows the availability of
resources and the restrictions placed
upon them.
Land (acre)
Capital (S)
Aug. labor (h)
Sept. labor (h)
Value of output
of 100 bushels (S)
Input requirements per 100 bushels of
Wheat
3
90
2
6
Corn
1
120
1
1
265
365
Available Material
100
9000
200
160
Show the farmer how he can maximize his revenue ie: how many bushels of corn and wheat
will maximize his revenue.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F99a65005-faf5-4841-890d-696dfb1bce34%2Fbd97b18c-3314-401a-ab0c-241c1b47ab20%2Fu86z2jl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A farmer wants to maximize the revenue resulting from the production
and harvesting of corn and wheat. For every 100 bushels of corn he
produces he receives $265 and for every
100 bushels of wheat he produces he
receives $365. However, his production
is restricted by the availability of land,
capital, and labor. For example, he needs
one acre to produce 100 bushels of
corn and three acres to produce 100
bushels of wheat, and he can plant a to-
tal of 100 acres with these crops. The
following table shows the availability of
resources and the restrictions placed
upon them.
Land (acre)
Capital (S)
Aug. labor (h)
Sept. labor (h)
Value of output
of 100 bushels (S)
Input requirements per 100 bushels of
Wheat
3
90
2
6
Corn
1
120
1
1
265
365
Available Material
100
9000
200
160
Show the farmer how he can maximize his revenue ie: how many bushels of corn and wheat
will maximize his revenue.
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