Agricultural Decision a) A farmer has a 10-acre field and can grow either whear or barley on it. If he grows 40 bushels of wheat, he will not have room to plant barley. But if he plants enough seed for 5 bushels of barley, he will only produce 30 bushels of wheat. To cultivate 10 bushels of barley he will harvest 20 bushels of wheat for 15 bushels of barley he will raise 10 bushels of wheat; if he plans to produce 20 bushels of barley, he will not grow any wheat. b) The farmer's bank has rejected his loan application. He now is prohibited from planting the entire 10 acres. So he plants enough for 10 bushels of wheat and 5 bushels of barley. Plot the recessionary point of production and measure the recessionary gap. c) The farmer has secured funds to plant the entire 10 acres for next year. A newly developed fertilizer enables this farmer to increase production next year. Draw a new curve that approximates the new production possibilities. Options Wheat Barley A BARLEY WHEAT B.

Agricultural Decision a) A farmer has a 10-acre field and can grow either whear or barley on it. If he grows 40 bushels of wheat, he will not have room to plant barley. But if he plants enough seed for 5 bushels of barley, he will only produce 30 bushels of wheat. To cultivate 10 bushels of barley he will harvest 20 bushels of wheat for 15 bushels of barley he will raise 10 bushels of wheat; if he plans to produce 20 bushels of barley, he will not grow any wheat. b) The farmer's bank has rejected his loan application. He now is prohibited from planting the entire 10 acres. So he plants enough for 10 bushels of wheat and 5 bushels of barley. Plot the recessionary point of production and measure the recessionary gap. c) The farmer has secured funds to plant the entire 10 acres for next year. A newly developed fertilizer enables this farmer to increase production next year. Draw a new curve that approximates the new production possibilities. Options Wheat Barley A BARLEY WHEAT B.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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