A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushelrespectively. The crops vary in the mount of resources required to produce them as shown in the tablebelow:Units AvailableResourceCrop ACrop BLand60Water280Fertilizer360Labor140A) What is the maximum profit, and how much of each crop should be produced?B) What allocation of resources will maximize the farmer's profit?C) Use shadow price analysis to determine what additional resources the farmer should seek?

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A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel respectively. The crops vary in the mount of resources required to produce them as shown in the table below: Resource Crop A Crop B Units Available Land 60 Water 80 Fertilizer 3 60 Labor 1 40 A) What is the maximum profit, and how much of each crop should be produced?

A small farmer produces two types of crops, A and B. A and B generate $30 and $25 per bushel respectively. The crops vary in the mount of resources required to produce them as shown in the table below: Resource Crop A Crop B Units Available Land 60 Water 80 Fertilizer 3 60 Labor 1 40 A) What is the maximum profit, and how much of each crop should be produced?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4CQQ

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