A farmer has 5000 acres of land 1000 hours of labor and


A farmer has 5,000 acres of land, 1,000 hours of labor, and 2,000 hours of tractor time to grow two crops: corn and wheat. He expects that he can earn $250 per acre for corn and $200 per acre for wheat. It takes 0.25 hours per acre in labor to grow corn and 0.15 hours per acre in labor to grow wheat. Finally, it takes 0.30 hours per acre of trac- tor time to grow corn and 0.15 hours per acre of tractor time to grow wheat. The farmer's objective is to maximize total net income, given his production constraints. State the dual to this problem intuitively (without equations). Think of the dual prob- lem from a buyer's perspective, someone who wants to buy the resources to the farm. Give enough detail to fully explain the economic interpretation of the dual problem using only words.

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Microeconomics: A farmer has 5000 acres of land 1000 hours of labor and
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