Suppose a farmer in Georgia begins to grow peaches He uses 1

Last updated: 4/21/2023

Suppose a farmer in Georgia begins to grow peaches He uses 1 000 000 in savings to purchase land he rents equipment for 70 000 a year and he pays workers 110 000 in wages In return produces 200 000 baskets of peaches per year which sell for 3 00 each Suppose the interest rate on savings is 2 percent and that the farmer could otherwise have earned 25 000 as a shoe salesman What is the farmer s economic profit The peach farmer earns economic profit of What is the farmer s accounting profit The peach farmer earns accounting profit of Enter your response as an integer Enter your response as an integer