Matt gets tired of doing an Econ PhD and decides he'd rather go start a small rutabaga farm instead, so he gets a lease on two acres of land to start growing rutabagas. The lease costs him $50,000 for a year. Unbeknownst to Matt, rutabagas are extremely fickle plants but he manages to grow 5000 total over the year. The costs of water, fertilizer, and farm hands average out to $2.00 per rutabaga. Luckily for Matt, Chris Hemsworth touts a new pure- rutabaga diet that helped him get shredded in just a few weeks, so now the demand for rutabaga is extremely high and the market price is now $14 per rutabaga. Matt should:

Matt gets tired of doing an Econ PhD and decides he'd rather go start a small rutabaga farm instead, so he gets a lease on two acres of land to start growing rutabagas. The lease costs him $50,000 for a year. Unbeknownst to Matt, rutabagas are extremely fickle plants but he manages to grow 5000 total over the year. The costs of water, fertilizer, and farm hands average out to $2.00 per rutabaga. Luckily for Matt, Chris Hemsworth touts a new pure- rutabaga diet that helped him get shredded in just a few weeks, so now the demand for rutabaga is extremely high and the market price is now $14 per rutabaga. Matt should:

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

8.8

Matt gets tired of doing an Econ PhD and decides he'd rather go start a small rutabaga farm
instead, so he gets a lease on two acres of land to start growing rutabagas. The lease costs him
$50,000 for a year. Unbeknownst to Matt, rutabagas are extremely fickle plants but he
manages to grow 5000 total over the year. The costs of water, fertilizer, and farm hands
average out to $2.00 per rutabaga. Luckily for Matt, Chris Hemsworth touts a new pure-
rutabaga diet that helped him get shredded in just a few weeks, so now the demand for
rutabaga is extremely high and the market price is now $14 per rutabaga. Matt should:
close his rutabaga farm immediately
continue producing in the long run and short run
continue producing in the short run but shut down in the long run
raise his prices above the perfectly competitive level
O lower his output

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