Business, 01.04.2020 22:07 nengliangli523

Mr. jernigan owns a piece of land on which he grows corn. corn production annually requires $6 comma 0006,000 in seed, $3 comma 0003,000 in fertilizer, and $6 comma 0006,000 in pesticides. mr. jernigan uses his own labor to grow the corn and therefore hires no workers. if mr. jernigan did not use his time to grow corn, he would instead be able to sell insurance, earning $25 comma 00025,000 per year. suppose another farmer has just offered to pay mr. jernigan rent of $20 comma 00020,000 per year for use of the land. if mr. jernigan refuses to rent the land to another farmer, then what will be his accounting costs from farming corn himself on his land? what will be his economic costs?

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Mr. jernigan owns a piece of land on which he grows corn. corn production annually requires $6 comma...