A farmer in the Midwest has 1,000 acres of land on which she intends to plant corn, wheat, and…
A farmer in the Midwest has 1,000 acres of land on which she intends to plant corn, wheat, and soybeans. Each acre of corn costs $100 for preparation, requires 7 worker-days of labor, and yields a profit of $30. An acre of wheat costs $120 to prepare, requires IO worker-days of labor, and yields $40 profit. An acre of soybeans costs $70 to prepare, requires 8 worker-days, and yields $20 profit. The farmer has taken out a loan of $80,000 for crop preparation and has contracted with a union for 6,000 worker-days of labor. A midwestern granary has agreed to purchase 200 acres of corn, 500 acres of wheat, and 300 acres of soybeans. The farmer has established the following goals, in order of their importance:
A farmer in the Midwest has 1,000 acres of land on which she intends to plant corn, wheat, and…