A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushelrespectively. The crops vary in the mount of resources required to produce them as shown in the tablebelow:Units AvailableResourceCrop ACrop BLand60Water280Fertilizer360Labor140A) What is the maximum profit, and how much of each crop should be produced?B) What allocation of resources will maximize the farmer's profit?C) Use shadow price analysis to determine what additional resources the farmer should seek?

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A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel respectively. The crops vary in the mount of resources required to produce them as shown in the table below: Resource Crop A Crop B Units Available Land 60 Water 80 Fertilizer 3 60 Labor 1 40 A) What is the maximum profit, and how much of each crop should be produced?

A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel respectively. The crops vary in the mount of resources required to produce them as shown in the table below: Resource Crop A Crop B Units Available Land 60 Water 80 Fertilizer 3 60 Labor 1 40 A) What is the maximum profit, and how much of each crop should be produced?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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