I. Assume you have a fixed amount of pasture. The table below shows the relationship between the number of steers run on the pasture and the amount of beef produced. Complete the table using the following information: Total fixed costs (pasture ownership) = $10,000, variable cost of $700 per steer, and a beef price of $130.00 per cwt. USE 2-decimal point accuracy in table. No. of Total Total Total Average Output (cwt. of beef) Average Variable Average Total Marginal Cost Marginal Revenue steers Variable Fixed Cost Fixed (Head) Cost Cost Costs Costs Cost 0 0 0 XXX XXX XXX XXX XXX 10,000 10,000 10,000 24,000 20 125 14,000 112 80 192 112 130 40 250 28,000 10,000 112 40 152 112 130 60 400 42,000 10,000 105 25 130 93.33 130 80 540 103.70 18.52 122.22 100 130 56,000 70,000 10,000 10,000 100 670 104.48 14.93 119.40 107.69 130 120 795 84,000 10,000 105.66 12.58 118.24 112 130 38,000 52,000 66,000 80,000 94,000 108,000 122,000 136,000 150,000 164,000 140 915 107.10 10.93 118.03 116.67 130 98,000 112,000 160 111.44 9.95 121.39 155.56 130 1,005 1,085 10,000 10,000 10,000 10,000 180 116.13 9.22 125.35 175 130 126,000 140,000 200 1,155 121.21 8.66 129.87 200 130 220 1,215 154,000 10,000 126.75 8.23 134.98 233.33 130 For the remaining questions, assume you already own the pasture. 4. Are you in the short run or long run with respect to the pasture? Short run 5. At the beef price of $130.00 what is the optimum number of steers and what would your profit or loss be at this number and price? Ans 140 steers Ans profit/loss (say which) 6. If the price of beef dropped to $110.00 what is the optimum number of steers and the profit or loss at that number and price? Ans. Steers Ans. Profit/loss (say which) 7. If the price of beef was $180.00 what is the optimum number of steers and the profit or loss at that number and price? Ans. Steers I. Assume you have a fixed amount of pasture. The table below shows the relationship between the number of steers run on the pasture and the amount of beef produced. Complete the table using the following information: Total fixed costs (pasture ownership) = $10,000, variable cost of $700 per steer, and a beef price of $130.00 per cwt. USE 2-decimal point accuracy in table. No. of Total Total Total Average Output (cwt. of beef) Average Variable Average Total Marginal Cost Marginal Revenue steers Variable Fixed Cost Fixed (Head) Cost Cost Costs Costs Cost 0 0 0 XXX XXX XXX XXX XXX 10,000 10,000 10,000 24,000 20 125 14,000 112 80 192 112 130 40 250 28,000 10,000 112 40 152 112 130 60 400 42,000 10,000 105 25 130 93.33 130 80 540 103.70 18.52 122.22 100 130 56,000 70,000 10,000 10,000 100 670 104.48 14.93 119.40 107.69 130 120 795 84,000 10,000 105.66 12.58 118.24 112 130 38,000 52,000 66,000 80,000 94,000 108,000 122,000 136,000 150,000 164,000 140 915 107.10 10.93 118.03 116.67 130 98,000 112,000 160 111.44 9.95 121.39 155.56 130 1,005 1,085 10,000 10,000 10,000 10,000 180 116.13 9.22 125.35 175 130 126,000 140,000 200 1,155 121.21 8.66 129.87 200 130 220 1,215 154,000 10,000 126.75 8.23 134.98 233.33 130 For the remaining questions, assume you already own the pasture. 4. Are you in the short run or long run with respect to the pasture? Short run 5. At the beef price of $130.00 what is the optimum number of steers and what would your profit or loss be at this number and price? Ans 140 steers Ans profit/loss (say which) 6. If the price of beef dropped to $110.00 what is the optimum number of steers and the profit or loss at that number and price? Ans. Steers Ans. Profit/loss (say which) 7. If the price of beef was $180.00 what is the optimum number of steers and the profit or loss at that number and price? Ans. Steers