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Let's Say A Farmer Only Has 2 Acres Of Land. He Has Discovered That These Two Acres Are Equally Productive In Terms Of Corn And
Let's Say A Farmer Only Has 2 Acres Of Land. He Has Discovered That These Two Acres Are Equally Productive In Terms Of Corn And Wheat Production. He Has Discovered That Each Acre Of Land May Produce Either 20 Bushels Of Wheat Or 20 Bushels Of Maize. Assume That Our Farmer's Total Production Expenses Remain At $25 Regardless Of How He Divides His 2 Acres
785. Let's say a farmer only has 2 acres of land. He has discovered that these two acres are equally productive in terms of corn and wheat production. He has discovered that each acre of land may produce either 20 bushels of wheat or 20 bushels of maize. Assume that our farmer's total production expenses remain at $25 regardless of how he divides his 2 acres between wheat and corn. What will the farmer do to maximise his income if the price of corn is $1 per bushel and the price of wheat is $2 per bushel?
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