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Question regarding the four major fields

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Dougs farm in Idaho has four major fields that he uses to grow potatoes.The productivity of each filleddollows

field 1 10,000
field2 8,000
field 3 5,000
field 4 3,000

Assume that each field is the same size and he variable costs of farming are 25,000 per year per field. The variable costs cover labor and machinery which is rented. Doug must decide each year how many fields to plant. In 2009 potato farmers received $6.35 per 100 lbs how many fields did doug plant?  Explain by 2011 the price of potatoes had fallen to $4.50 per 100 lbs how will this price decrease change dougs decision how will it affect his demand for labor. How will it affect the value of dougs land.

Reference no: EM131046098

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