G 1-26 A farmer must decide what combination of seed, water, fertilizer, and pest control will be most prof- itable and environmentally conscious for the coming year. The local agricultural college did a study of this farmer's situation and prepared the following table. Plan A B C D Direct Cost/Acre $750 800 1000 1300 Extra-market Cost/Acre $150 450 250 200 Income/Acre $1200 1400 1500 1650 The last page of the college's study was torn off, and hence the farmer is not sure which plan the agricultural college recommends. Which plan should the farmer adopt considering: (a) only the direct costs, (b) both the direct and extra-market costs?

G 1-26 A farmer must decide what combination of seed, water, fertilizer, and pest control will be most prof- itable and environmentally conscious for the coming year. The local agricultural college did a study of this farmer's situation and prepared the following table. Plan A B C D Direct Cost/Acre $750 800 1000 1300 Extra-market Cost/Acre $150 450 250 200 Income/Acre $1200 1400 1500 1650 The last page of the college's study was torn off, and hence the farmer is not sure which plan the agricultural college recommends. Which plan should the farmer adopt considering: (a) only the direct costs, (b) both the direct and extra-market costs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1-26 A farmer must decide what combination of see water, fertilizer, and pest control will be most pro itable and environmentally conscious for the comi G year. The local agricultural college did a study of this farmer's situation and prepared the following table. Direct Extra-market Plan Cost/Acre Cost/Acre Income/Acre A $750 $150 $1200 В 800 450 1400 C 1000 250 1500 D 1300 200 1650 The last page of the college's study was torn off, and hence the farmer is not sure which plan the agri- cultural college recommends. Which plan should the farmer adopt considering: (a) only the direct costs, (b) both the direct and extra-market costs?
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