Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

A farmer owns 500 acres of land, which are suitable for growing corn, soybeans, and sunflowers. His expectations are that the net profit from producing each crop is: $55 per acre for corn, $60 per acre for soybeans, and $50 per acre for sunflowers. He and his family can supply 3,000 hours per year in performing all the farm operations necessary to grow these crops. In addition, he is endowed with the equivalent of 4,500 hours of tractor time necessary to grow these crops. Assume that the only resources necessary in crop production are land, labor, and tractor time. The technol- ogy is summarized below.

 

 

Resource (Unit)

 

 

Corn

Crop

Soybeans

 

 

Sunflowers

 

Resource Endowment

Land (acres)

1.0

1.0

1.0

500

Labor (hours)

0.4

0.2

0.3

3,000

Tractor (hours)

0.5

0.2

0.4

4,500

Assuming that the farmer's objective is to maximize total profits, what is the LP model for this problem? Solve this problem using the simplex method.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91548137
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Microeconomics

Question think of the commonality and consistencies of

Question: Think of the commonality and consistencies of where consumers spend their money in a recession and during the holiday season. What determinations can you make about purchases? Is there a pattern here? The respo ...

Question there are two bags each containing 100 ping-pong

Question: There are two bags, each containing 100 ping-pong balls. Bag A contains 100 red balls and no black balls, and bag B contains 20 red and 80 black. You are blindfolded and reach into a bag. There is a .5 probabil ...

Question farmer brian has 3 acres of land which he farms

Question: Farmer Brian has 3 acres of land which he farms efficiently. Each acre can support 20 apple trees. However the 3 acres differ in their ability to support orange trees. He can grow 40 orange trees on the best la ...

Question 1 how many ratios of exchange would an individual

Question: 1. How many ratios of exchange would an individual have to cope with in a barter economy with 276 different items available for exchange? 2. How many absolute prices would there be if one of the items available ...

Assignment 2 the operating budget refer back to the

Assignment 2: The Operating Budget Refer back to the e-Activity in Week 3. From your local city's budget, select an agency, program, or departmentin your city, and that appears as a budget item in the city budget you dow ...

Question suppose that a consumer has income y in the

Question: Suppose that a consumer has income y in the current period and income y' in the future and faces proportional taxes on income in both periods. That is, the consumer pays a tax ty in the current period and t'y'i ...

Question over the next three years a firm is expected to

Question: Over the next three years, a firm is expected to earn economic profits of $120,000 in the first year, $140.000 in the second year, and $1000,000 in the third year. After the end of the third year, the firm will ...

Question suppose that the banking system in the united

Question: Suppose that the banking system in the United States could be described by the following set of equations: Reserve requirement ratio (rr) = 0.09 Currency in circulation (C) = $565 billion Total Deposits (D) = $ ...

Question the ratio of capital spending to gdp rose sharply

Question: The ratio of capital spending to GDP rose sharply during the latter 1970s, even though bond yields rose sharply during that period. It then increased even further during the early 1980s, when bond rates peaked. ...

Question international businesswhat are the types

Question: (International business) What are the types contractual arrangements that multinational companies (MNC) can establish? and explain how money is moved around what are MNC's ethics and social responsibilities? Th ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As