1. Suppose that you own a lOacre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. With these inputs, the land will yield 40 bushels of wheat per acre. If the price at which wheat can be sold is $5 per bushel and if farmers want to earn a normal prot of $10 per acre, what is the most that any farmer would pay to rent your 10 acres? What price would the farmer pay to rent your 10 acres if the price of wheat rises to $6 per bushel? L018.1