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What is the most that any farmer would pay

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Suppose that you own a 20 acre plot of land that you would like to rent out to wheat farmers. For them bringing in a harvest involves $30 per acre for seed $80 per acre for fertilizer and $70 per acre for equipment rentals and labor. With these inputs the land will yield 40 bushels of wheat per acre. Now suppose the price at which wheat can be sold is five dollars per bushel and that farmers want to earn a normal profit of $10 per acre.

What is the most that any farmer would pay to rent your 20 acres?

What if the price of wheat rolls to six dollars per bushel?

Reference no: EM132414654

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