FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6, respectively. Suppose that Josel wants to consume 12 units of corn and as much wheat as possible. Then, trading with the merchants allows Josel to increase his consumption of wheat by O A. 1 bushel. O B. 2 bushels. O C. 3 bushels. O D. 4 bushels. O E. None of the above. Save Answer Josel owns an energy company. He produces electricity from solar energy and wind energy. The technology is as follows Field Green Field (10 acres) Red Field (12 acres) Solar Energy 2 acres needed for each unit 3 acres needed for each unit Wind Energy 2 acres needed for each unit 1 acre needed for each unit Outside merchants buy and sell solar energy and wind energy at prices Ps = $2 and Pw = $4, respectively. The value-maximizing point of production is O A. Qs = 9 and Qw = 0. O B. Qs = 0 and Qw = 17. C. Qs = 5 and Qw = 12. O D. Qs = 4 and Qw = 5. O E. None of the above.
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Transcribed Image Text:Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6, respectively. Suppose that Josel wants to consume 12 units of corn and as much wheat as possible. Then, trading with the merchants allows Josel to increase his consumption of wheat by O A. 1 bushel. O B. 2 bushels. O C. 3 bushels. O D. 4 bushels. O E. None of the above. Save Answer Josel owns an energy company. He produces electricity from solar energy and wind energy. The technology is as follows Field Green Field (10 acres) Red Field (12 acres) Solar Energy 2 acres needed for each unit 3 acres needed for each unit Wind Energy 2 acres needed for each unit 1 acre needed for each unit Outside merchants buy and sell solar energy and wind energy at prices Ps = $2 and Pw = $4, respectively. The value-maximizing point of production is O A. Qs = 9 and Qw = 0. O B. Qs = 0 and Qw = 17. C. Qs = 5 and Qw = 12. O D. Qs = 4 and Qw = 5. O E. None of the above.
Expert Solution
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Step 1;Answer

1..

A.1 Bushel.

2.

B.Qs=0 and Qw=17

 

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