Calculate the farm''s output supply and input demand function

Assignment Help Microeconomics
Reference no: EM13879481

Consider an organic chili pepper farm in New Mexico. They can grow a combination of jalapenos, habaneros, and poblanos. For inputs, they use land, labor, and organic fertilizer of which they have endowments of 350 acres, 500 hours, and 300 bags, respectively. They have a total working budget of $45,000. Based on the following production information, use Solver to calculate the farm's output supply and input demand functions for all factors and products.

 

Labor (hours/acre)

Cost ($/acre)

Fertilizer (bags/acre)

 

Yields/Prices ($)

Plowing

0.75

4

 

 

Plant Jalapenos

0.40

110

0.70

 

Plant Habaneros

0.45

75

0.75

 

Plant Poblanos

0.35

95

0.70

 

Harvest Jalapenos

0.30

20

 

100 bushels/acre

Harvest Habaneros

0.45

20

 

95 bushels/acre

Harvest Poblanos

0.40

30

 

85 bushels/acre

Jalapeno Price

 

 

 

4.00/bushel

Habanero Price

 

 

 

3.75/bushel

Poblano Price

 

 

 

4.75/bushel

Reference no: EM13879481

Questions Cloud

Describe the message the soldier poet tries to convey : Explain whether you think poems like these would be successful or popular today. What might be a better way to describe modern war: blogs? videos? websites?
Estimate the condensation rate assuming : A beverage can with a diameter of 65 mm and a height of 120 mm has a uniform temperature of 5°C when it is removed from the refrigerator. The can is set on a table in a room with an ambient air temperature of 32°C and a relative humidity of 75%. E..
What is information security policy? : What is information security policy? Why it is critical to the success of the information security program
Identify strategies to address client resistance : What is your justification of selection of goals, objectives, and interventions? Identify the progression of the counseling relationship through intervention and termination. Identify strategies to address client resistance at various points in the t..
Calculate the farm''s output supply and input demand function : Consider an organic chili pepper farm in New Mexico. They can grow a combination of jalapenos, habaneros, and poblanos. For inputs, they use land, labor, and organic fertilizer of which they have endowments of 350 acres, 500 hours, and 300 bags, r..
Simple interest on investment accounts : First Simple Bank pays 8.3 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. What rate should the bank set if it wants to match First Simple Bank over an investment horizon of 13..
Identify at least three methods for allocating costs : Identify at least three methods for allocating costs? When is each method used? What are the pros and cons of each? How is it related to cost allocation?
What is the present value of the second option : You’ve just joined the investment banking firm of Dewey, Cheatum, and Howe. They’ve offered you two different salary arrangements. You can have $8,300 per month for the next three years, or you can have $7,000 per month for the next three years, alon..
Describe five features of each movement : Describe five features of each movement, explaining their similarities and differences and explain how these two movements are related to previous artwork or artists.

Reviews

Write a Review

Microeconomics Questions & Answers

  Various economic decision makers exist within an economic

Various economic decision makers exist within an economic system. List and briefly discuss the various role players in the economy.There are four role players

  Declining-balance method-company uses double-declining rate

Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus.

  Afirm has following short-run production function where l

a firm has the following short-run production function where l labor and q outputq 10l - 0.5l2suppose that the

  Current health care financing and funding models

Compare the three current health care financing and funding models used with the healthcare delivery system of the United States - Determine what changes are occurring in the economy or concerning labor and regulatory factors that must be consider..

  Explain when a nation can enjoy a high standard of living

Most countries, including the united states, import substantial amounts of goods and services from other countries. a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself.

  Bureau of labor statistics releases report

Every First Friday of the Month, the Bureau of labor Statistics releases report about last month's unemployment statistics. Therefore, the first week of July statistics for the month of June will become available.  Consider an economy with the follow..

  A risk-averse expected-utility maximizer

Which the vaccine reduces the probability of catching the disease (what is usually reported in the press), or the absolute amount.

  Due to the housing bubble

Due to the housing bubble. Many houses are not selling for much less than their selling price just two to three years ago. There is evidence that homeowners with virtually identical houses tend to ask for more if they paid more for the house. What fa..

  Processes r and t if demand for the product is 5,500 units

What should be the loads assigned to Processes R and T if demand for the product is 5,500 units?

  It is estimated that the maintenance cost

It is estimated that the maintenance cost on a new car will be 400 the first year. Each subsequent year, this cost is expected to increase by 100.

  Marginal revenue equals marginal cost

A firm maximizes its profit by producing output up to the point where marginal revenue equals marginal cost

  Assume than an oligopolistic is charging

Assume than an oligopolistic is charging $21 per unit of output and selling 31 units each day. Also suppose that previously it had lowered its price from $21 to $19, rivals matched the price cut, and the firm’s sales increased from 31 to 32 units. It..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd