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Sep 1st, 2004, 09:56 PM
#1
Thread Starter
Addicted Member
need some assistance!
Needs someone assistance on the problem below....
A farmer has 1000 acres of land on which corn, wheat, or soybeans can be grown. Each acre of corn costs $100 for preparation, requires 7 days of labor, and yields a profit of $30. An acre of wheat costs $120 to prepare, requires 10 days of laobr, and yields $40 profit. An acre of soybeans costs $70 to prepare, requires 8 days of labor, and yields $40 profit. If the farmer has $10,000 for preparation and can count on enough workers to supply 8000 days of labor,how many acres should be devoted to each crop to maximize profits?
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Sep 8th, 2004, 11:50 AM
#2
New Member
1000 acres
8000 days
$10000
soybeans - $70, 8 days, $40 = $5 per day
corn - $100, 7 days, $30 = $4.28... per day (4 2/7)
wheat - $120, 10 days, $40 = $4 per day
Assuming $40 profit means that the soybeans would return $110...
To get maximum profit, the farmer will prepare as many as possible of soybeans, as they give the most profit per day, and are also the cheapest to prepare. This would be 142 acres of soybeans, costing $9940 to prepare. This way he would make a profit of $5680, using 1136 of the 8000 days.
PS I may be wrong plz comment if i am...
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