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 $7 per bushel and that farmers want to earn a normal profit of $10 per acre.
a. What is the most that any farmer would pay to rent your 20 acres? $.
b. What if the price of wheat rose to $8 per bushel? $.

$1800

$2600

Explanation:

Profit = Total revenue - Total cost

Total revenue = (40 bushels × $7) x 20 acres = $5,600

Total cost = 20 x ($30 + $70 + $80) = $3,600

Profit = $5600 - $3600 = $2000

If the farmer wants to make a profit of at $10 per acre, total profit would be $10 × 20 = $200

The most the farmer would be willing to pay as rent would be : $2000 - $200 = $1800

B. If wheat price rose to $8 :

Total revenue = (40 bushels × $8) x 20 acres = $6400

Profit = $6,400 - $3,600 = $2,800

If the farmer wants to make a profit of at $10 per acre, total profit would be $10 × 20 = $200

The most the farmer would be willing to pay as rent would be : $2,800 - $200 = $2,600

I hope my answer helps you

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