The table below shows Ali’s monthly costs of producing wheat. Suppose the current market price of wheat is $56.00 per bushel. Ali's Wheat Production CostsQuantity (bushels) AVC (dollars) ATC (dollars) MC (dollars)0 — — —500 $40.00 $240.00 $40.001,000 35.00 85.00 30.001,500 30.00 63.33 20.002,000 30.00 55.00 30.002,500 31.00 51.00 35.003,000 32.67 49.33 41.003,500 34.86 49.15 48.004,000 37.50 50.00 56.004,500 40.57 51.67 65.005,000 44.00 54.00 75.00 Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. If the market price is $56.00 per bushel of wheat, and Ali chooses to produce wheat, how much will he produce per month to maximize his profits in the short run?       bushels per month b. Calculate Ali’s monthly profits (express a loss as a negative number) if he chooses to produce the profit-maximizing quantity of wheat at a price of $56.00.      $  c. Assume that the market price of wheat falls to $35.00 per bushel. How much wheat will Ali choose to produce per month in order to maximize his profits in the short run?       bushels per month d. Calculate Ali’s monthly profits (express a loss as a negative number) if he chooses to produce the profit-maximizing quantity of wheat at a price of $35.00.      $  e. If the market price of wheat instead falls to $20.00 per bushel, how much wheat will Ali choose to produce per month in order to maximize his profits in the short run?       bushels per month

The table below shows the daily costs, rounded to $0.25, of Cathy's Corn Stand. Cathy sells her corn cobs in a perfectly competitive market. Cathy's Corn Stand's Production CostsQuantity (corn cobs) AVC (dollars) ATC (dollars) MC (dollars)20.00 2.75 4.50 2.0030.00 2.25 3.50 1.5040.00 2.00 2.75 1.2550.00 1.75 2.50 1.2560.00 1.50 2.25 1.5070.00 1.50 2.25 1.7580.00 1.50 2.25 2.2590.00 1.75 2.50 2.75 a. Draw Cathy's marginal cost (MC) curve. Instructions: Use the tool provided "MC" to plot the curve point by point (8 points total). Points for average variable and average total cost are rounded to the nearest $0.25 in the graph. Instructions: In part b, enter your answer as a whole number. In part c, round your answer to two decimal places. If you are entering a negative number include a minus sign. b. If the market price of corn is $1.75 per corn cob, in the short run how much corn should Cathy produce each day to maximize profits?      corn cobs per day c. What are Cathy's profits/losses per day if she produces the profit-maximizing quantity of corn in the short run (losses are expressed as a negative number)?      $  d. In the short run, assuming nothing else changes, Cathy shouldmultiple choice 1produce a lower quantity of corn per day.shut down, because the market price is above the AVC.produce a greater quantity of corn per day.produce the same quantity of corn per day.e. If the short-run price of corn falls to $1.25 per corn cob, Cathy shouldmultiple choice 2shut down, because the market price is below the AVC.produce a lower quantity of corn per day.produce the same quantity of corn per day.produce a greater quantity of corn per day.

The market for wheat consists of 500 identical firms, each with the totalcost function C(Q) = 90, 000 + 0.00001Q2 where Q is measured in bushels per year. Themarket demand curve for wheat is Q = 90, 000, 000 − 20, 000, 000P , where Q is againmeasured in bushels and P is the price per bushel. The market is perfectly competitive.(a) Obtain the average and marginal cost functions of each firm. Obtain the total cost,average cost and marginal cost when the production of a firm is Q0 = 100, 000.

Matthew grows wheat on his farm. One of his fields produced 66.8 bushels of wheat this year. If wheat is currently selling for $5.40 per bushel, how much will Matthew earn from this field?

Use the table given below to answer the following question: Quantity Produced Total Cost ($) 0 50 1 60 2 70 3 80 4 90 5 100 Based on the table give above, we can say that MC is (greater than/less than/equal to) the AVC for every unit of production, and both are equal .

Suppose a farmer is a price taker (MR = P = 6) in soybeans with cost functions given byTC = .1q2 + 2q + 30MC = .2q + 2The level of profits isQuestion 4Select one:a.30.b.-10.c.20.d.10.