2.2 You are managing a competitive corn farm that faces random demand. You must decide how much corn to produce before observing the actual price. As the gure shows, the price will be $12 or $6 per bushel. The probability the price will be $12 is 2/3, and the probability that the price will be $6 is 1/3. Your marginal cost curve is also included in the gure. Price and cost (dollars per bushel of corn) 0 10 20 30 4O 50 60 70 Quantity (thousands of bushels of corn per year) P What quantity of corn maximizes expected prot? b. How much would you produce if you knew the actual price before producing? c. If you produce the quantity of corn that maximizes expected prot, compared to what you would produce if you knew the actual price before producing, how much prot is lost if the actual price is $12? If the actual price is $6