Farmer Smith owns a potato farm. He must decide how many pounds of potatoes to harvest for the potato market and maximize profit. He knows that there is a one-third probability that the world price will be $2/pound, a one-third probability that it will be $3.00/pound, and a one-third probability that it will be $4/pound. His cost function is C(Q) = 50 + 0.01Q2. What is the expected price in the world potato market? $3.00 $3.60 $2.00 $9.00 The expected profit-maximizing quantity is: 0. 450. 275. 150. 3 points Save Answer QUESTION 34 Farmer Smiths maximum expected profit is: $0 $200. $175. $450 3 points Save Answer QUESTION 35 If farmer Smith is risk neutral: he strictly prefers producing the expected profit-maximizing quantity to producing nothing. he is indifferent between producing the expected profit-maximizing quantity and producing nothing. he should produce at a quantity in between zero and the expected profit-maximizing quantity. he strictly prefers to produce. 3 points Save Answer