Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
can you help me with this problem?
Suppose there are two farmers: Farmer 1 and Farmer 2. Both farmers possess a piece of land on
which they can produce soybeans that are sold at a per unit price of Ps = 1. Further suppose that
Farmer 1’s land is more fertile than Farmer 2’s. Soybeans require water to grow, but watering
them too much will drown the crop. Hence, the production of soybeans on Farmer 1 and Farmer
2’s land are respectively given by,
Q1(w1) = 500w1
1 Water Supply on Heterogeneous Land Suppose there are two farmers: Farmer 1 and Farmer 2. Both farmers possess a piece of land onwhich they can produce soybeans that are sold at a per unit price of P3 = 1. Further suppose thatFarmer 1’s land is more fertile than Farmer 2’s. Soybeans require water to grow, but wateringthem too much will drown the crop. Hence, the production of soybeans on Farmer 1 and Farmer 2’s land are respectively given by, Q1 (W1) : 500101 — W12Q2 (W2) 2 200102 * W22 where ml and 102 are respectively the amount of water Farmer 1 and Farmer 2 apply on their land.Finally, assume that if a farmer’s rents are exactly zero, he will still decide to produce soybeans. (a) Suppose that the social planner (i.e. the government) controls the water supply to bothfarmers, and that its objective is to maximize social welfare. (i) Suppose that the cost to supply water to farmers is zero. What per unit water pricesPwl’ and PW; should the social planner charge to Farmer 1 and Farmer 2 respectivelyto maximize social welfare? How much water would each farmer utilize in such a case,i.e. what would be an” and 102* if the social planner chose per unit water prices Pm] *and Pt”; that maximize social welfare? What is the amount of soybeans that eachfarmer produce, i.e. what is (21* : Qlfwl”) and (22* = (22(102′)? How much areFarmer 1’s rents and how much are Farmer 2’s rents? Show your work. [0.25 point]
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more