A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 6 bushels of beans, then her opportunity cost of 1 bushel of beans is O a. 2.67 bushels of corn. O b. 16.00 bushels of corn. O c. 2.99 bushels of corn. O d. 0.38 bushels of corn.
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- If the farmer uses pesticides he expects a crop of 60,000 bushels; if he does not use pesticides he expects a crop of 50,000 bushels. The cost of pesticides is $30,000 and the other costs associated with planting and harvesting the crop total $450,000. The price of corn at harvest time will either be $9.00 with probability of 0.50 or it will be $11.00 with probability 0.50, so if the farmer decides to sell the crop at harvest, the expected price per bushel that he will receive is $10.00. If the farmer uses pesticide and decides to sell the crop at harvest, what is his expected profit? a. $120,000.00 b. $150,000.00 c. $180,000.00 d. $20,000.00Farmer LMN cultivates maize, wheat and sorghum on a farm with an area of 200 hectares that is suitable for cultivation. His expected yield is 4.5 tons for maize, 3.8 tons for wheat and 2.1 tons for sorghum per hectare. The expected prices are R4 800 per ton for maize, R3 500 per ton for wheat and R2 730 per ton for sorghum. His total costs are R580 000. He estimates input costs of R10 500 per hectare for maize, R8 600 per hectare for wheat and R7 880 per hectare for sorghum. Consider the information for Mr LMN’s farm to determine the minimum cultivated area he needs for his gross income to break even with his total costYou determine in the marketplace that the average price for milk is R 14 per litre and that the farmer gets R 7 per litre on the farm. The Melck-family wants to achieve a constant mark-up on cost of 20 %. What must be the cost price of the milk on the farm?
- A horticulturist has just set up vegetable cultivation in a greenhouse where he grows peppers and tomatoes using sustainable energy sources, electricity for lighting and thermal energy for heating. He grows x units of peppers and y units of tomatoes. The entire amount that the farmer grows is sent to the market. The cost function of the crop is described as follows equation: ?(?, ?) = 12?2 + 24?2 The lighting's capacity means that it cannot grow more than 5,000 units in total per month. a. What should be the division between the production of peppers and tomatoes to minimize cost per month with the aim of always fully utilizing the capacity of the greenhouse? What is this minimum cost per month? b. Explain the significance of calculating the Lagrange multiplier i.e. interpret and at the same time discuss how it can be used to calculate if more productive lighting is obtained in the greenhouse and the cultivation will be 5,750 units per month.1. A farmer has recently acquired a 110 hectares piece of land. He has decided to grow Wheat and barley on that land. Due to the quality of the sun and the region’s excellent climate, the entire production of Wheat and Barley can be sold. He wants to know how to plant each variety in the 110 hectares, given the costs, net profits and labor requirements according to the data shown below: Variety Cost(Price/Hec.) Net Profit (price/Hec.) Man-days/Hec. Wheat 100 50 10 Barley 200 120 30 The farmer has a budget of US$10,000 and availability of 1,200 man-days during the planning horizon. In addition, the farmer would like to get a profit of at least $3000. Generate the mathematical model for the optimal usage of land area to produce wheat and barley. Using a graphical method to optimize land usage, how many hectares are to be used for wheat and barley.Freshly Farms plants 80 acres of Brussels sprouts every spring. Freshly sells its sprouts to a farmers cooperative, which sells them to a wholesaler, which sells them to retailers, which sells them to consumers. The farmers cooperative buys Freshly Brussels sprouts for $0.98 per pound. The cooperative takes a 16% margin on the cooperative's selling price. The wholesaler takes a 16% markup on the wholesaler's cost. The retailer takes a 15% margin on the retailer's selling price. How much does a consumer pay to the retailer for one pound of Freshly Farms Brussels sprouts? (Rounding: penny.) ANSWER IS: 1.59, but HOW is that the answer? Please explain.
- Monique has a flock of six chickens in her backyard that she initially bought for $6 each. Theflock currently lays 20 eggs per week, which Monique and her family consume at home, andher current cost of feed is $2 per week. Monique has a job that pays $8/hour with flexiblehours, but she is thinking of selling her chickens’ eggs to earn extra income. To start sellingeggs, she would need to increase production to 30 eggs per week. She can do this by increasingthe chickens’ feed to $3 per week and taking an hour off work each week to devote to chickenrearing. If the market price of her farm-fresh eggs is $1 per egg, what would be Monique’sweekly economic profits from selling her chickens’ eggs? (Select one.)(a) −$9: This is her revenue minus her accounting cost.(b) −$1: This is her revenue minus her production cost.(c) $0: Eggs are a constant-cost market so producers must earn 0 profits.(d) $1: This is her revenue minus her economic cost.(e) $7: This is her revenue minus her accounting…Ethan wants to cash in on the increased demand for ethanol. Accordingly, he purchased a corn farm in Mindanao. Ethan believes his corn crop can be sold to an ethanol plant for P4.80 per kilo, Variable cost associated with growing and selling a kilo of corn is P4.00. Ethan's annual fixed cost is P132,000. 1. What is the break-even point in sales pesos and kilos of corn? 2. If Ethan's farm is 1,375 hectares, how many kilos must he produce per hectare to break even?Scott Grant has just inherited his family’s pecan farm. He estimates that he can produce 10,000 pounds of pecans for approximately $12,500. He can sell the pecans in the shell as they come from the trees for $3.00 per pound. Alternatively, Scott can have the pecans processed further at a cost of $0.35 per pound and sell them as shelled pecans for $4.00. 1. Define joint cost. 2. Define split-off point. 3. Should Scott sell the pecans for $3.00 as they come from the trees or process the pecans further and sell them at $4.00 as shelled pecans? Provide figures to support your conclusion.
- For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour. The farmer has a comparative advantage in and the rancher has an absolute advantage in . Select one: a. both goods, neither good b. meat, both goods c. meat, neither good d. potatoes, neither goodA farmer in Mankweng is considering replacing 150 hectares of lettuce with 150 hectares of cucumbers. Consider the cost and income information below related to the two enterprises Lettuce Expected yield 6.3 ton/ha Cucumber Expected yeild 5.7 ton/ha Lettuce Input cost per ton R 1 320 Cucumber Input cost per ton R 1 270 Lettuce Expected selling price per ton R 3 200 Cucumber Expected selling price per ton R4 150. I. Calculate the expected change in net income for the farmer’s proposed change. II. Briefly advise the farmer if the change is desirable or not.Mark rents a stall in the public market for ₱5,000.00 a month. He has a helper who helps in his business and he pays him a salary of ₱8,000 a month. He orders fresh chicken from a supplier that costs him ₱140.00 per kilo. He sells the chicken to his customers at ₱160.00 per kilo. How you will illustrate the variable cost (VC) when x be the number kilos of chicken sold?