7. Lanark Farms sells fresh strawberries, growing the fruit both in open fields and within longclear plastic hoop tents, known as its "tunnel operation". The outputs and inputs for eachof the options are presented below. What is the multifactor productivity (in dollars) foreach option?8. How much more or less productive is the Plastic Hoops method compared to the OpenField method? [ Hint, (B-A)/A ]9. How much more or less productive is the Open Field method compared to the PlasticHoops method? [ Hint, (B-A)/A ]Option A - Open FieldsOutput: 50,000 pounds strawberriesInputs:$1,000 for chemicals (50 acres * $20/acre),$6,250 to plant strawberries (50 acres * $125/acre),$15,000 to harvest (50,000 pounds * $0.30/pound)Total Inputs: $22,250Option B - Plastic HoopsOutput: 40,000 pounds strawberriesInputs:$3,375 for chemicals (15 acres * $225/acre),$3,750 for construction and maintenance of the tunnels (15 acres * $250),$1,875 to plant strawberries (15 acres * $125/acre),$12,000 to harvest (40,000 pounds * $0.30/pound)Total Inputs: $21,000

Multi-factor productivity often called (MFP) is nothing but the measurement of economic performance…

Answered: 7. Lanark Farms sells fresh…

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 6DRQ

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