Refer to Table 12.3 below. Suppose that the marginal cost of wheat is $0.50 higher for every bushel of wheat produced. For example, the marginal cost of producing the eighth bushel of wheat is now $9.50. Assume that the price of wheat remains $7 per bushel. Will this increase in marginal cost change the profit-maximizing level of production for Farmer Parker? Briefly explain. How much profit will Farmer Parker make now?

(1) Quantity (bushels) (Q) (2) Total (5) Marginal Revenue (MR) (3) Total Cost (TC) (4) Profit (TR TC) (6) Marginal Cost (MC) Revenue (TR) $0.00 -$10.00 $10.00 -7.00 $4.00 7.00 14.00 $7.00 -2.50 2.50 14.00 16.50 7.00 2.50 21.00 18.50 7.00 2.00 7.00 2.50 4 28.00 21.00 7.00 35.00 24.50 10.50 7.00 3.50 42.00 29.00 13.00 7.00 4.50 49.00 35.50 13.50 7.00 6.50 8. 56.00 44.50 11.50 7.00 9.00 56.50 7.00 63.00 6.50 12.00 10 70.00 72.00 -2.00 7.00 15.50 2.