Question: Fixed and variable costs. A family farm owns 100 acres of land and may access 3 units (man-year) of family labor (employed only on the

Fixed and variable costs. A family farm owns 100 acres of land and may access 3 units (man-year) of family labor (employed only on the farm). It can produce wheat, tomatoes and corn with given known technologies (choose aij for these technical coefficients). It can rent additional land from neighbors at $200 per acre and can hire more labor at $80 per day. Choose cj as the market prices of the corresponding commodities j = w, t,

c. Formulate the dual pair of a price-taker’s LP problems and discuss fixed and variable costs.

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