Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay. Use the information presented in the table to answer three questions. Number of acres MC $ MR $ (hay) MR $ (marijuana) 10 320 730 5,600 20 200 730 5,600 30 540 730 5,600 40 730 730 5,600 50 1,200 730 5,600 60 3,200 730 5,600 70 5,600 730 5,600 80 6,700 730 5,600 If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? area devoted to hay:_______ acres If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits? area devoted to marijuana:_______ acres Which outcome likely happens due to the legalization of marijuana production and consumption? The number of growers increases. The number of growers remains the same. The number of growers drops to zero. The number of growers decreases.
Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay. Use the information presented in the table to answer three questions. Number of acres MC $ MR $ (hay) MR $ (marijuana) 10 320 730 5,600 20 200 730 5,600 30 540 730 5,600 40 730 730 5,600 50 1,200 730 5,600 60 3,200 730 5,600 70 5,600 730 5,600 80 6,700 730 5,600 If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? area devoted to hay:_______ acres If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits? area devoted to marijuana:_______ acres Which outcome likely happens due to the legalization of marijuana production and consumption? The number of growers increases. The number of growers remains the same. The number of growers drops to zero. The number of growers decreases.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay.
Use the information presented in the table to answer three questions.
| Number of acres | MC $ | MR $ (hay) | MR $ (marijuana) |
|---|---|---|---|
| 10 | 320 | 730 | 5,600 |
| 20 | 200 | 730 | 5,600 |
| 30 | 540 | 730 | 5,600 |
| 40 | 730 | 730 | 5,600 |
| 50 | 1,200 | 730 | 5,600 |
| 60 | 3,200 | 730 | 5,600 |
| 70 | 5,600 | 730 | 5,600 |
| 80 | 6,700 | 730 | 5,600 |
If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits?
area devoted to hay:_______ acres
If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits?
area devoted to marijuana:_______ acres
Which outcome likely happens due to the legalization of marijuana production and consumption?
The number of growers increases.
The number of growers remains the same.
The number of growers drops to zero.
The number of growers decreases.
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