Rework problem 3 in section 1 of Chapter 7 of your textbook, about the Natural Fertilizer Company, using the following data. Ass
ume that the company produces 100 pound sacks of 35-20-10 fertilizer for lawns and 100 pound sacks of 10-14-16 fertilizer for gardens, where the numbers are the percentage by weight of nitrate, phosphate, and potash, respectively, in each sack. Assume also that the company has on hand 13 tons of nitrate, 8 tons of phosphate, and 9 tons of potash, Assume also that the profit on each sack of lawn fertilizer is $10.00 and the profit on each sack of garden fertilizer is $11.00. How many sacks of each type of fertilizer should the company make in order maximize its profit
1 answer:
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Answer:
Laffer curve.
Explanation:
Laffer Curve is developed by
Arthur Laffer. It is used to show the relationship between tax rates and the amount of tax revenue collected by governments of a particular country. Laffer curve is used to demonstrate Laffer’s argument that sometimes cutting tax rates can increase total tax revenue.
Laffer curve shows the relationship that occurs between the tax rate and the amount of tax revenue collected
The relationship between the tax rate and the amount of tax revenue collected is called the LAFFER CURVE curve. This curve shows that TAX CUT CAN INCREASE TAX REVENUE.
The drawing of a laffer curve has been attached
