Question
How do I set this up in Python? Taylor Farms (TF) grows wheat, corn, soybeans, and barley on 1,100 acres of farmland. In order to
How do I set this up in Python?
Taylor Farms (TF) grows wheat, corn, soybeans, and barley on 1,100 acres of farmland. In order to qualify for federal subsidies, TF must produce at least 610 tons of wheat, and it cannot produce more than 1,100 tons of corn and 1,300 tons of soybeans. The table below indicates the crop production per acre planted, the planting cost per acre, and the sales price per ton produced for each crop.
Crop Production Planting Cost Sales Price
(tons/acre) ($/acre) ($/ton)
Wheat 2.0 $150 $170
Corn 2.5 $135 $150
Soybeans 3.0 $140 $140
Barley 1.5 $150 $190
a. Construct an optimization model in Python and use it to find an optimal solution and value.
b. Another local landowner has some land available to lease at a cost of $100 per acre. Should TF consider leasing some of this additional land? If it should, what would be the impact on TFs total profit?
c. TF has the opportunity to renegotiate the limits for wheat, corn, and soybeans. How should TF try to renegotiate each crop limit?
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