Give me correct answer with calculation otherwise i give downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Suppose a farmer in Georgia begins to grow peaches. He uses $1,000,000 in savings to purchase land, he rents equipment for $100,000 a year, and he pays workers $140,000 inwages. In return, he produces 300,000 baskets of peaches per year, which sell for $3.00 each. Suppose the interest rate on savings is 1 percent and that the farmer could otherwisehave earned $45,000 as a shoe salesman.What is the farmer's economic profit?The peach farmer eams economic profit of $ (Enter your response as an integer.)

A company venture's explicit and implicit costs are taken into account when calculating economic…

Answered: Suppose a farmer in Georgia begins to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Give me correct answer with calculation otherwise i give downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

Suppose a farmer in Georgia begins to grow peaches. He uses $1,000,000 in savings to purchase land, he rents equipment for $100,000 a year, and he pays workers $140,000 in
wages. In return, he produces 300,000 baskets of peaches per year, which sell for $3.00 each. Suppose the interest rate on savings is 1 percent and that the farmer could otherwise
have earned $45,000 as a shoe salesman.
What is the farmer's economic profit?
The peach farmer eams economic profit of $ (Enter your response as an integer.)

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