Suppose you are the sole owner operator of a small farm in southern Idaho. You have 200 acres that is suitable for planting, your own labor (2400 labor hours per growing season), and a water right that allows you to withdraw 310 acre-ft of water. You can grow wheat, corn, and/or potatoes on each acre. For simplicity, assume crops only need these three inputs for production. Each crop requires different amounts of labor, land, and water displayed in the following table: Crop requirement of Inputs per acre wheat corn potatoes Labor 18 20 32 Land 1 1 1 Water 0 2.4 2 Also assume that this year the price for wheat is $3.80 per bushel, the price for corn is $4.40 per bushel, and the price for potatoes is $9.10 per cwt. Yields per acre are 55bu for wheat, 160bu for corn and 280cwt for potatoes. Assume further that you have a 3-year planning horizon, and you can plant whatever crops you want in the first year, but potatoes cannot be planted 2 years in a row (given pest and disease concerns). Please formulate and solve this problem in Excel. Make sure to label your decision variables, objective function, and constraints. Upload the completed file here. A D G B Land 1 Yeild Labor 9600 Water 310 2 200 160 H Price Return $ 4.40 $ 704.00 $ 3.80 $ 209.00 $ 9.10 $2,548.00 Corn Wheat Potato 3 55 280 4 5 6 7 8 Acres Planted Labor Land Water Return on Acre 9 10 11 12 13 14 15 16 Year Year 1 Corn Wheat Potato Year 2 Corn Wheat Potato Year 3 Corn Wheat Potato 17 18 Potato Constraint Input Constraints 19 20 Year 1 21 Year 2 22 Year 3 23 24 25 26 Total Used 1 Total Used 2 Total Used 3 Available Suppose you are the sole owner operator of a small farm in southern Idaho. You have 200 acres that is suitable for planting, your own labor (2400 labor hours per growing season), and a water right that allows you to withdraw 310 acre-ft of water. You can grow wheat, corn, and/or potatoes on each acre. For simplicity, assume crops only need these three inputs for production. Each crop requires different amounts of labor, land, and water displayed in the following table: Crop requirement of Inputs per acre wheat corn potatoes Labor 18 20 32 Land 1 1 1 Water 0 2.4 2 Also assume that this year the price for wheat is $3.80 per bushel, the price for corn is $4.40 per bushel, and the price for potatoes is $9.10 per cwt. Yields per acre are 55bu for wheat, 160bu for corn and 280cwt for potatoes. Assume further that you have a 3-year planning horizon, and you can plant whatever crops you want in the first year, but potatoes cannot be planted 2 years in a row (given pest and disease concerns). Please formulate and solve this problem in Excel. Make sure to label your decision variables, objective function, and constraints. Upload the completed file here. A D G B Land 1 Yeild Labor 9600 Water 310 2 200 160 H Price Return $ 4.40 $ 704.00 $ 3.80 $ 209.00 $ 9.10 $2,548.00 Corn Wheat Potato 3 55 280 4 5 6 7 8 Acres Planted Labor Land Water Return on Acre 9 10 11 12 13 14 15 16 Year Year 1 Corn Wheat Potato Year 2 Corn Wheat Potato Year 3 Corn Wheat Potato 17 18 Potato Constraint Input Constraints 19 20 Year 1 21 Year 2 22 Year 3 23 24 25 26 Total Used 1 Total Used 2 Total Used 3 Available
