Imagine you have a farm with three plots of land.There is one in the valley, one on the hill and one in the swamp.Each plot caneithergrow cornorwheat.Assume that planting, harvesting, etc. is free.The quantity of each crop on each plot is given by the following table.

PlotCornWheat

Valley200300

Hill150450

Swamp100100

a. Draw a PPF for your farm.Indicate all slopes and intercepts.

b. If the price of corn is $5/unit and the price of wheat is $2/unit, what should you produce on each plot in order to maximize revenue?(We haven't said the word "revenue" yet but it means the total market value of the crops.We haven't actually said "price" yet either but it means what you probably think it means in this case--what you can sell it for.)

c.If the price of corn is $2.50 and the price of wheat is $2, what do you want to produce on each plot?