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Comparing 2008 to 2003, Alan Tiemann of Seward, a Nebraska Corn Board member, said that ethanol plants produce 15 percent more ethanol from a bushel of corn and use about 20 percent less energy in the process. At the same time, corn growers are more efficient, producing more corn per acre and using less energy to do so. [4]
The purpose of calculating economic profits (and thus, opportunity costs) is to aid in better business decision-making through the inclusion of opportunity costs. In this way, a business can evaluate whether its decision and the allocation of its resources is cost-effective or not and whether resources should be reallocated.
The opportunity cost of any activity is the value of the next-best alternative thing one may have done instead. Opportunity cost depends only on the value of the next-best alternative. It does not matter whether one has five alternatives or 5,000. Opportunity costs can tell when not to do something as well as when to do something. For example ...
And as you look at breakeven prices, compared to 100% owned versus 50%, that can -- it's like a $0.50 per bushel of difference on corn breakeven depending on if you fully own or you're renting 50%.
Figure 7: Increasing butter from A to B carries little opportunity cost, but going from C to D the cost is great. Main article: Opportunity cost From a starting point on the frontier, if there is no increase in productive resources, increasing the production of a first good entails decreasing the production of a second, because resources must ...
In the same year, there were 13.7 million harvested acres of corn for grain, producing 2.36 billion bushels, which yielded 172.0 bu/acre, with US$14.5 billion of corn value of production. [29] Almost 1.88 billion bushels of corn were grown in the state in 2012 on 13.7 million acres of land, while the 2013 projections are 2.45 billion bushels of ...
Marginal cost and marginal revenue, depending on whether the calculus approach is taken or not, are defined as either the change in cost or revenue as each additional unit is produced or the derivative of cost or revenue with respect to the quantity of output. For instance, taking the first definition, if it costs a firm $400 to produce 5 units ...
The spot price of the asset is simply the market value at the instant in time when the forward contract is entered into. So OUT − IN = NET GAIN and his net gain can only come from the opportunity cost of keeping the asset for that time period (he could have sold it and invested the money at the risk-free rate). let K = fair price C = cost of ...