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 tons/acx = seeding rate in lbs/ac Assume you can purchase seed in 20lb bags at a cost of $40/bag. You value your forage at $150/ton *Hint: Be careful with your units on prices and units in the production function. a. If you were to seed at 7.75 lbs/ac, 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. 7 pts b. If we were to seed at 5.36 lbs/ac, what is the imputed value? What stage of production would be you be in at that seeding rate? 3 pts c. If we were to seed at 14.1 lbs/ac, what is the imputed value? What stage of production would be you be in at that seeding rate? 3 pts

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