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A farmer is deciding what crop to plant in this area for the next growing season
A farmer is deciding what crop to plant in this area for the next growing season. The local
agricultural college has provided the following data (in $100): <18 pts>
Cost Income/acre Estimated
Crop per acre at 100% Yield Yield (%)
A $32 $42 85
B 43 78 66
C 18 23 92
Using a 250-acre plot as an example (subtract 10% for unusable areas of the ?eld), which crop should
be planted this year, and what is the total pro?t for that crop?
Expert Solution
If we have 250-acre plot then 10% is unusable field i.e
= 250*10% = 25 acres
Thus field for agriculture 250-25 = 225 acres
For crop A,
Cost = $32*225 = $7,200
Income = $42*225 = $9,450
85% of $9,450 = $8,032.50
Profit = $8,032.50 - $7,200 = $832.50
For crop B,
Cost = $43*225 = $9,675
Income = $78*225 = $17,550
66% of $17,550 = $11,583
Profit = $11,583 - $9,675 = $1,908
For crop C,
Cost = $18*225 = $4,050
Income = $23*225 = $5,175
92% of $5,175 = $4,761
Profit = $4,761 - $4,050 = $711
Thus B crop should be planted this year and total profit will be $1,908.
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