1 Use the farm profitability spreadsheet to answer this question.

A. Fill in the cells highlighted in Note (yellow).

B, What will happen to profit if the price of the output falls to $ 2.10 per pound? Which cells (list the cell references in your answer) are impacted by this change?

C. What will happen to profit if the labor wages increase to $ 15.00 per hour? Which cells (list the cell references in your answer) are impacted by this change. Go back to the original values in part A before making the change in part C. After completing parts B and C, go back to the original values contained in part A. The spreadsheet you should submit is the one from part A.

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Farm Profitability Production and Revenue Acres Harvested 32 Yield per acre 29.6 Total Bushels Total pounds Crop Revenue Government payment Total Revenue Costs of Production Revenue/Cost Labor Hours 2000 Fertilizer Use 800 Equipment rental Insurance $ 4,532.00 $ 1,167.00 Labor Costs Other Costs Fertilizer Cost $ 23,555.00 Total Costs Total Profit Price per pound Pounds per bushel Wage per hour Fertilizer cost per pound $ 2.95 41.65 $ 11.25 $ 2.30 Government payment per harvested acre $ 34.65 Farm Profitability Production and Revenue Acres Harvested 32 Yield per acre 29.6 Total Bushels Total pounds Crop Revenue Government payment Total Revenue Costs of Production Revenue/Cost Labor Hours 2000 Fertilizer Use 800 Equipment rental Insurance $ 4,532.00 $ 1,167.00 Labor Costs Other Costs Fertilizer Cost $ 23,555.00 Total Costs Total Profit Price per pound Pounds per bushel Wage per hour Fertilizer cost per pound $ 2.95 41.65 $ 11.25 $ 2.30 Government payment per harvested acre $ 34.65