On a 100-acre farm, a farmer is able to produce 3000 bushels of wheat when he hires two workers. He is able to produce 4400 bushels of wheat when he hires three workers. How many bushels of wheat could the farmer produce when he hires four workers? 5600 7400 6000 5800
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- Greg's Ice Cream produces 1160 gallons of ice cream per day. Each employee works one hour and has a productivity of 20 gallons an hour. How many employees does Greg have? 160 56 58 None of the above are correctThe paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.Please use the following information and use it to complete a few calculations, and answer questions in your paper. The paper ought to be written as a brief (1-1.5 pages) report that includes your calculations and a short explanation of what the firm should do if it is making a loss. A firm currently uses 40,000 workers to produce 100,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $41. The cost of other variable inputs is $400,000 per day. Assume that total fixed cost equals $900,000. (Note: Assume that output is constant at the level of 100,000 units per day.) Calculate the values for the following variables using the formulas that are given: · Total Variable Cost = (Number of Workers x Worker’s Daily Wage) + Other Variable Costs · Total Costs = Total Variable Costs + Total Fixed…
- A farmer has 8 hectares of agricultural land. The farmer will plant the land with rice and corn. 3 tons of rice can be harvested from 1 hectare of rice field, while 4 tons of corn can be harvested from 1 hectare of corn field. This farmer wants to get a yield of no less than 30 tonnes. If the cost of planting 1 hectare of rice field is 500 thousand and the cost of planting 1 hectare of corn field is 600 thousand. Then what is the minimum cost that must be incurred by the farmer?Question 5 Consider a corn farmer with one acre of land. In addition to land, other factors include quantity of seeds, fertilizer, water, and labor. Assume the farmer has already decided how much seed, water, and labor he will be using this season. He is still deciding on how much fertilizer to use. Units of Fertilizer Total Ears of Corn Marginal Ears of Corn 100 250 425 550 600 525 1 2 3 4 5 6 a) Determine the marginal ears of corn and complete the table. b) At what point does diminishing returns set in for the farmer? Justify your response.In 2004, Safari Corporation’s total sales reached $1.2 million. By 2010, sales had climbed to $4.25 million. What is the growth in sales for Safari Corporation per year?
- A breeder tells you he has determined for each 1-lb increase in weaning weight profit increases by $1.40 per pound. However, he has also calculated that for each independent 1-lb increase in birth weight, profit decreases $5.45 per pound. 1. What would be the economic index for this aggregate breeding value? 2. If the producer gave you the following table with calf birth weight and weaning weight, what would be the index value and rank for these animals? Calf id Weaning weight Birth weight Index value Rank 608 78 589 70 566 80 532 75 5. 556 76 618 87 7. 576 74 8. 610 88 9. 595 90 10 625 73 3 4 6LaborOutput (Pizzas)1302553754905100 The table above shows a pizza restaurant's short-run production of pizzas with different amounts of labor. The law of diminishing marginal product Group of answer choices has not yet appeared for any amount of labor. first appears with the second worker. first appears with fourth worker. first appears with the fifth worker.workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?