Farm Problem The Weinandt Family Farm in Wynot, NE raises livestock and grows crops. Corn and soybeans are crops commonly grown in Nebraska. Suppose you are helping a farm similar to the Weinandt Farm make decisions about how much corn to grow this year. Because corn is an agricultural product, this market meets the requirements of a perfectly competitive market. )Using the market data provided, create a market supply and demand graph. b) What are the market equilibrium price and quantity? Equilibrium Price Equilibrium Quantity =[ e) Using the firm cost and quantity estimates, find FC, VC, ATC, AFC, AVC, and MC. million bushels Firm q (bushels) TC FC TV ATC AFC 0 AVC MC $10,000.00 500 $10, 127.5 1,000 $10,505.00 1,500 $11, 132.50 2,000 $12,010.0 2.500 $13, 137.50 3.000 $14,515.00 3,500 $16, 142.50 4,000 $18,020.0 4,500 $20, 147.50 5,000 $22,525.00 5,500 $25, 152.50 6,000 $28,030.00 6.500 $31,157.50 7,000 $34.535.00 7,500 $38, 162.50 |8,000 $42, 040.00 8,500 $46, 167.50 19,000 $50,545.00 9.50 $55, 172.50 10,000 $60, 050.00 Graph ATC, AFC, AVC, and MC. Based on your answers in part c, between which quantities is ATC minimized? Assume that given the opportunity, the firm would want to produce more instead of less. Quantity Quantity From To bushels e) Based on your answers in part c, between which quantities should the farm aim to produce? Quantity Quantity From To bushels n Using the lower of the two quantities in part e, estimate TR, TC, and Profit/Loss Quantity bushels Total Revenue (TR) Total Cost (TC) Profit/Loss )Will the farm decide to grow corn or leave the fields bare in the short run? In the short run, the farm will decide to h) Will farms enter this market, leave the market, or remain constant in the long run? In the long run, farms will