Question: Where:Y = forage production in tons / acx = seeding rate in lbs / ac Assume you can purchase seed in 2 0 lb bags
Where:Y forage production in tonsacx seeding rate in lbsac Assume you can purchase seed in lb bags at a cost of $bag You value your forage at $ton Hint: Be careful with your units on prices and units in the production function. a If you were to seed at lbsac what is the imputed value aka shadow price Interpret in words as if you were writing an article for Hay and Forage what that means to a producer. pts b If we were to seed at lbsac what is the imputed value? What stage of production would be you be in at that seeding rate? pts c If we were to seed at lbsac what is the imputed value? What stage of production would be you be in at that seeding rate? pts
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