3. According to data from the U.S. Department of Agriculture's National Agricultural Statistics Service, 124 million acres of land in the US were used for wheat or com farming in 2004. Of those 124 million acres, farmers used 50 million acres to grow 2.155 billion bushels of wheat and 24 million acres of land to grow 11.1302?r billion bushels of corn. Suppose the US wheat and corn farming is efficient in production. At the production point, the opportunity cost of producing 1 additional bushel of wheat is 1.? fewer bushels of corn. For each of the following production points, decide whether that production point is (i)feasible and efficient in production, [ii] feasible but not efficient in production, (iii) not feasible, or (iv) unclear as to whether or not it is feasible. a. Partners use 40 million acres of land to produce 1.0 billion bushels of wheat, and they use 60 million acres of land to produce 9 billion bushels of corn. The remaining 24 million acres are left unused. (iilFeosibie but not efcient in production. b. From their original production point, farmers transfer 40 million acres of land from corn to wheat production. The}; now produce 3.153 billion bushels of wheat and 10,1023r bushels of corn. (iiijNot feasible because it lies outside of the production possibility frontier. c. Farmers reduce their production of wheat to 2 billion bushels and increase their production of corn to 12.044 billion bushels. Along the production possibility frontier, the opportunity cost of going from 11.80? billion bushels of corn to 12.044 billion bushels of corn is 0.505 bushels of wheat per bushel of com. (iVJUncieor as to whether or not it is feasible