Business Question

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Review problem 12 at the end of Chapter 2 in the text:

 

Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?

 

Based on the output, what key points would you recommend to Frank? Sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.).

 

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