Question
3. A farmer has 640 acres to plant in corn and soybeans. Each acre of corn requires 45 labor-hours and each acre costs $100 in
3. A farmer has 640 acres to plant in corn and soybeans. Each acre of corn requires 45 labor-hours and each acre costs $100 in seed and fertilizer. Each acre of soybeans requires 60 labor hours and each acre costs $80 in seed and fertilizer. The farmer estimates that he has 36,000 hours of labor and $60,000 capital to spend. The farmer estimates that each acre planted in corn will yield a profit of $120 and each acre planted in soybeans will yield a profit of $100. Under these conditions, how many acres of corn and how many acres of soybeans should the farmer plant to maximize his profit? Note: Use the simplex method to solve the problem.
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