the amount of money that a wheat farmer could have earned if he had planted barley instead of wh

Name: the amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is group of answer choices 01765
Uploaded: 2023-12-31T08:04:46-08:00
Duration: 7 min 21 s
Channel: Jennifer Stoner
Description: the amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is group of answer choices 01765

Step 1: Identify the earnings from planting wheat. Determine the total revenue generated from th

The amount of money that a wheat farmer could have earned if...

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The production of agricultural products like wheat is one of the few examples of a perfectly competitive industry. In this question, we analyze results from a study released by the U.S. Department of Agriculture about wheat production in the United States back in 2013 . a. The average variable cost per acre planted with wheat was $\$ 127$ per acre. Assuming a yield of 44 bushels per acre, calculate the average variable cost per bushel of wheat. b. The average price of wheat received by a farmer in 2013 was $\$ 7.58$ per bushel. Do you think the average farm would have exited the industry in the short run? Explain. c. With a yield of 44 bushels of wheat per acre, the average total cost per farm was $\$ 4.80$ per bushel. The harvested acreage for rye (a type of wheat) in the United States increased from 242,000 in 2010 to 306,000 in $2013 .$ Using the information on prices and costs here and in parts a and b, explain why this might have happened. d. Using the above information, what do you think will happen to wheat production and prices after 2013 ?

Crop Choice $^{23}$ A farmer has a choice of growing wheat, barley, or rice. Her success will depend on the weather, which could be dry, average, or wet, as measured in the following table: $$ \begin{aligned} &\text { Crop Choices }\\ &\text { Weather }\\ &\begin{array}{|c|c|c|c|} \hline & \text { Dry } & \text { Average } & \text { Wet } \\ \hline \text { Wheat } & 20 & 20 & 10 \\ \hline \text { Barley } & 10 & 15 & 20 \\ \hline \text { Rice } & 10 & 20 & 20 \\ \hline \end{array} \end{aligned} $$ If the probability that the weather will be dry is $10 \%,$ the probability that it will be average is $60 \%$, and the probability that it will be wet is $30 \%,$ what is the farmer's best choice of crop?

Matrix Algebra and Applications

Game Theory

a-farmer-acquired-290-acres-of-land-to-grow-wheat-barley-andor-rye-the-farmer-has-a-budget-of-s50000-and-a-workforce-available-of-6400-hours-for-the-season-costs-profits-and-labor-requiremen-76877

A farmer acquired 290 acres of land to grow wheat, barley and/or rye. The farmer has a budget of $50,000 and a workforce available of 6400 hours for the season. Costs, profits, and labor requirements are as follows: Cost ($/acre) Profit ($/acre) Labor (hours/acre) Wheat 122 45 12 Barley 185 82 18 Rye 146 61 16 The farmer has a contract to supply wheat to a local client for the equivalent of 45 acres of wheat production. Due to limited demand, a marketing study recommended that no more than 100 acres should be utilized for each product during the season. The objective is to determine the number of acres to grow wheat, barley and rye to maximize total profit given the constraints. Enter Formulation in yellow cells below Objective Function MAX: 45W + 82B + 61R Subject To: Constraint 1 Constraint 2 Constraint 3 Constraint 4 Constraint 5 Constraint 6 Constraint 7 Constraint 8

Keondre P.

Transcript

00:01 A, since the yield is 44 bushels per acre, we know that producing 44 bushels of wheat is associated with an average variable cost of $127.

00:55 So the production of one bushel of wheat is associated with an average variable cost of $2 .89.

01:33 We took $127 divided by 44 bushels to arrive at that $2 .89 per bushel.

01:46 B, we would not expect the average farm to have exited the industry in the short run because the price it received for wheat, $7 .58 per bushel was greater than the average variable cost of production, which we know from part a was $2 .89 per bushel.

03:03 Part c, because wheat production increased over time, we would expect the price in 2010 to be greater than $4 .80...

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The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is Group of answer choices

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The amount of money that a wheat farmer could have earned if he had planted barley instead of wheat is Group of answer choices

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