A Farm Co-Op Has Over 6,000 Acres Available to Plant

question 16

Multiple Choice

A farm co-op has over 6,000 acres available to plant with corn and soybeans. The farm co-op's maximum profit for planting 6,000 acres is $315,000 and the maximum profit for 6,008 acres is $315,320. What is the profit value of each additional acre of land? This value is called the shadow price of an acre of land. Round your answer to the nearest cent if necessary. ​

• A)​$320.00
• B)​$160.00
• C)$35.56
• D)$45.71
• E)$40.00

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Definitions:

Price of Beef

The amount of money required to purchase a specific quantity of beef in a market.

Argentina

A country located in the southern half of South America, known for its diverse geography and rich cultural history.

Autarky Price

The price of a good or service within a country that is self-sufficient and does not engage in international trade for that good or service.

Organization Performance

Measures how effectively an organization reaches its objectives, often evaluated through financial results, customer satisfaction, and operational efficiency.