Answered: Producer B т B 1/4 1/8 1/6 Consumer 1/2…

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

Four neighbors, each with a vegetable garden, agree to share their produce. One will grow beans (B), one will grow lettuce (L), one will grow tomatoes (T), and one will grow zucchini (Z). Table shows what fraction of each crop each neighbor will receive. What prices should the neighbors charge for their crops if each person is to break even and the lowest-priced crop has a value of $50?

Producer
B
т
B
1/4
1/8
1/6
Consumer
1/2
1/4
1/4
1/6
1/4
1/4
1/2
1/3
1/4
1/4
1/8
1/3

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