Recall Farmer Berkman’s Problem from class: Farmer Berkman must determine how many acres of soy and wheat to plant this year. An acre planted with soy seeds yields 10 bushels of soy and requires 4 hours of labor per week. An acre planted with wheat seeds yields 25 bushels of wheat and requires 10 hours of labor per week. All soy can be sold at $3 a bushel and all wheat can be sold at $4 a bushel. Seven acres of land and 40 hours of labor per week are available. In order to remain eligible for farm subsidies, at least 30 bushels of soy must be produced during the current year. How can we help Former Berkman determine the right crop mix? Solve the problem with Excel Solver. Answer the following questions based on the Answer Report and Sensitivity Report. Question 4 2 pts Which constraints are binding? Land constraint Labor constraint O Farm subsidies constraint Neither Question 5 2 pts What is the minimum value we can set the wheat profit coefficient to in order to maintain the current optimal solution? Question 6 2 pts Say we can hire extra labor so we have 50 hours available instead of 40. How much will be the total profit after this change? D Question 7 1 pts What would Farmer Berkman prefer? Increase of the minimum soy requirement Decrease of the minimum soy requirement Neither would make a difference for him
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"