Question

John and Kim have a potato farm in Meridian, Idaho. They have four fields and he productivity of each field is: Assume that each field is same size and quality and that the variable costs of farming are $25,000 per field per year. In 2004, John and Kim received $6.35 per 100 pounds of potatoes in 2005, they received $4.50 per 100 pounds of potatoes. Complete the following table (Enter your responses as integers.) John and Kim planned fields in 2004 and field in 2005 (Enter your responses as integers)

Answer 1

YEAR 2004 Price of $6.35 per houndred ton.

Field/ 100th of Tons/ Revenue/ Cost/ Contribution/

I 10,000 63,500 25,000 38,500

II 8,000 50,800 25,000 25,800

III 5,000 31,750 25,000 6,750

IV 3,000 19,050 25,000 -5,950

YEAR 2005 Price of $4.50 per houndred ton.

Field/ 100th of Tons/ Revenue/ Cost/ Contribution/

I 10,000 45,000 25,000 20,000

II 8,000 36,000 25,000 11,000

III 5,000 22,500 25,000 -2,500

IV 3,000 13,500 25,000 -11,500

Step-by-step explanation:

We will multiply the selling price of houndred pounds of potatoes by each field cappacity.

Then we subtract the cost for operate the land and get the contribution per year.

MISSING INFORMATION

FIELD Hounderd of Tons produced

I 10,000

II 8,000

III 5,000

IV 3,000