A corporate agriculture organization has three separate farms. Given table indicates the crop selected for each farm Farm Crop Cost/Acre Revenue/Acre Fixed Cost 1 Wheat Rs. 12000 Rs23000 Rs.250000 2 Rice 11000 18500 275000 3 Potatoes 7500 12000 125000 In addition, there are annual fixed costs of Rs 150,000 for the operation as a whole. 

(A) Determine the profit function if 700 acres at farm 1, 1100 acres at farm 2 and 2000 acres planted at farm 3. 

(B) If the revenue yields per acre are reduced by 15, 23 and 14 percent and cost per acre are being increased by 5, 10 and 8 percent, respectively, at the three farms, determine the profit function from the previously

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Profit Function Total Revenue Explicit Cost A Determination of Profit Function Farms Cost per acre T... View the full answer