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A farmer has 200 acres of available land and $40,000 to spend. He wants to plant the combination of crops which maximizes his profit. (b)
A farmer has 200 acres of available land and $40,000 to spend. He wants to plant the combination of crops which maximizes his profit.
(b) The solution to the dual problem can be interpreted as shadow profits. Use shadow profits to estimate the farmer's profit if land is cut to180 acres but capital increases to $42,000.
The farmer's estimated profit is $ ___.
Total Number of Acres Cost (per acre) Profit (per acre) Potatoes X1 $320 $120 Corn X2 $128 $40 Cabbage X3 $224 $60 200 $40,000Step by Step Solution
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