Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.30 per pound. By adding compost

image text in transcribed
image text in transcribed
To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.30 per pound. By adding compost to your garden, you can increase your yield as shown in the accompanying table. Instructions: Determine the number of additional pounds of tomatoes you are able to grow by using each additional pound of compost. Then compute the additional revenue (or marginal benefit) from each additional pound of compost. Enter your responses in the table below, rounding the marginal benefit of each pound of compost to the nearest penny (two decimal places). Additional Additional revenue (or Pounds of Pounds of pounds of marginal Compost tomatoes tomatoes benefit) 100.0 120.0 2 125.0 3 128.0 4 130.0 131.0 6 131.5 If compost costs $0.50 per pound and your goal is to make as much profit as possible, how many pounds of compost should you add? Instructions: Enter your answer as a whole number. You should add pounds of compost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Management And Business Policy: Globalization, Innovation And Sustainability

Authors: Thomas L. Wheelen, J. David Hunger, Alan N. Hoffman, Chuck Bamford

14th Edition

0133126145, 978-0133126143

More Books

Students also viewed these Economics questions

Question

How does an applicant apply?

Answered: 1 week ago

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago