The Al-Habsi family owns a big farm in Rustaq. Three choices exist for how to use the farm: i Grow garlic, where garlic yield wouid be 70.bags per acre. The price of garlic is RO 3.5 per bag and production costs are RO140.per acre (Pxa) - pnduhun =( 1.5 X70)-140= 105 RO- rwenue ii. Grow cucumber, where cucumber yield would be S0 bags per acre. The price of cucumber is RO 2,5.per bag and production costs are RO150 per (2.5xs0) - 150, -25RO loves acre iii. Lease/rent out the acres to Mr. Al-Kindi (a neighbor) who will pay RO 80 per acre. With the lease/rent option the Al-Habsi family would still have expenses of RO 35.per acre. Based on the information above, answer the following questions: 80-15- 45Ror tue O Which alternative should the Habsi family undertake? Why? Q. Given your answer above, what is the Habsi's opportunity cost per acre? (Ed What is the total economic cost pèr acre for your answer?

The Al-Habsi family owns a big farm in Rustaq. Three choices exist for how to use the farm: i Grow garlic, where garlic yield wouid be 70.bags per acre. The price of garlic is RO 3.5 per bag and production costs are RO140.per acre (Pxa) - pnduhun =( 1.5 X70)-140= 105 RO- rwenue ii. Grow cucumber, where cucumber yield would be S0 bags per acre. The price of cucumber is RO 2,5.per bag and production costs are RO150 per (2.5xs0) - 150, -25RO loves acre iii. Lease/rent out the acres to Mr. Al-Kindi (a neighbor) who will pay RO 80 per acre. With the lease/rent option the Al-Habsi family would still have expenses of RO 35.per acre. Based on the information above, answer the following questions: 80-15- 45Ror tue O Which alternative should the Habsi family undertake? Why? Q. Given your answer above, what is the Habsi's opportunity cost per acre? (Ed What is the total economic cost pèr acre for your answer?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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