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

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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

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