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Assignment 2 Question 7 Farmer Leary

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Farmer Leary Farmer Leander grows wheat and corn on his 45-acre farm in Saskatoon. He can sell at most 140 bushels of wheat and 120 bushels of corn. Each planted acre yields either 5 bushels of wheat or 4 bushels of corn. Wheat sells for $30 per bushel, and corn sells for $50 per bushel. Six hours of labour are needed to harvest an acre of wheat, and ten hours are needed to harvest an acre of corn. Up to 350 hours of labour can be purchased at $10 per hour. Let A1 = acres planted with wheat A2 = acres planted with corn L = hours of labour that are purchased Farmer Leander maximizes his profits by solving the LP problem stated in the LINDO output below. Answer the following questions according to this LINDO output (do not resolve it each time). Justify your answers for each.

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Farmer Leary MAX 150 A A L SUBJECT TO 2) A1 + A2 <= 45 3) 6 A A2 - L <= 0 4) L <= 350 5) 5 A1 <= 140 6) 4 A2 <= 120 END LP OPTIMUM FOUND AT STEP 1 OBJECTIVE FUNCTION VALUE 1) VARIABLE VALUE REDUCED COST A A L ROW SLACK OR SURPLUS DUAL PRICES 2) ) ) ) ) RANGES IN WHICH THE BASIS IS UNCHANGED: OBJ COEFFICIENT RANGES VARIABLE CURRENT ALLOWABLE ALLOWABLE COEF INCREASE DECREASE A A L INFINITY RIGHTHAND SIDE RANGES ROW CURRENT ALLOWABLE ALLOWABLE RHS INCREASE DECREASE INFINITY INFINITY

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THE ‘COST IS RIGHT’ BREAK-EVEN ENTERPRISE ANALYISI Section: Advanced Agribusiness Unit: Farm Ranch Business Management.

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