Joseph L. Rotman School of Management

Feb 3rd, 2012
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Suppose you own a farm that, if run efficiently, can produce corn according to the following “transformation” formula:

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UNIVERSITY OF TORONTOJoseph L. Rotman School of ManagementPROBLEM SET #11. Suppose you own a farm that, if run efficiently, can produce corn according to the following "transformation" formula:W1 = 400 I0where I0 is the number of bushels of corn planted in date 0, and W1 is the number of bushels turned over to you in date 1, net after all payments to labor and other hired inputs.Your utility function of consumption at date 0 and consumption at date 1 is: U (C0 , C1 ) = minimum(C0 , C1 )(a) If 50,000 bushels of corn are planted, what will be the net output of corn at date 1? (b) If you set a target for output of 100,000 bushels, what is the minimum number of bushels that must be planted?(c) Suppose capital markets do not exist, and you can neither borrow, lend, or store any corn at the beginning of date 0. If you have 22,500 bushels of corn at date 0, what will your production

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