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kkrulez5000
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This is the question I'm trying to do, but I don't know how to determine if something is feasible.
3.124 million acres of land. 50 mil used to produce 2.158 billion bushels of wheat, 74 mil used to produce 11.807 billion bushel of corn. Suppose wheat and corn production are efficient in production. At this production point, the opportunity cost of producing one more bushel of wheat is 1.7 fewer bushels of corn. Farmers have increasing opp. costs so additional bushels of wheat have an opp. cost > 1.7 bushels of corn. For each of the production points, decide if the production point is (i) feasible and efficient in production, (ii) feasible but not efficient in production, (iii) not feasible, or (iv) unclear as to whether or not it is feasible.
a. 40 million acres to make 1.8 billion bushels of wheat, 60 million acres to produce 9 billion bushels of corn. Remaining 24 mil acres are left unused.
b.94 mil acres to make 3.158 billion bushels of wheat, 34 million acres to produce 10.107 billion bushels of corn.
c.Farmers reduce their production of wheat to 2 billion bushels and increase their production of corn to 12.044 billion bushels. Along the PPF, the opp. cost of going from 11.807 billion bushels of corn to 12.004 billion bushels of corn is .666 bushel of wheat per bushel of corn.
3.124 million acres of land. 50 mil used to produce 2.158 billion bushels of wheat, 74 mil used to produce 11.807 billion bushel of corn. Suppose wheat and corn production are efficient in production. At this production point, the opportunity cost of producing one more bushel of wheat is 1.7 fewer bushels of corn. Farmers have increasing opp. costs so additional bushels of wheat have an opp. cost > 1.7 bushels of corn. For each of the production points, decide if the production point is (i) feasible and efficient in production, (ii) feasible but not efficient in production, (iii) not feasible, or (iv) unclear as to whether or not it is feasible.
a. 40 million acres to make 1.8 billion bushels of wheat, 60 million acres to produce 9 billion bushels of corn. Remaining 24 mil acres are left unused.
b.94 mil acres to make 3.158 billion bushels of wheat, 34 million acres to produce 10.107 billion bushels of corn.
c.Farmers reduce their production of wheat to 2 billion bushels and increase their production of corn to 12.044 billion bushels. Along the PPF, the opp. cost of going from 11.807 billion bushels of corn to 12.004 billion bushels of corn is .666 bushel of wheat per bushel of corn.