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Boone's is a firm that produces hay bales. There are many other firms that produce hay bales and all hay bales are identical. Producing hay bales requires workers, land, and machinery. Assume Boone's has already rented their land and machinery for the day.

a. The market price for hay is $40/bale

b. The going wage for their workers is $10/hour

c. The cost of renting their land is $40/day

d. The cost of renting their machinery is $20/day

Given the above information and the production capabilities below, perform the necessary calculations to complete the table below for one day in the life of Boone's farm

Boone's is a firm that produces hay bales. There are many other firms that produce hay bales and all hay bales are identical. Producing hay bales requires workers, land, and machinery. Assume Boone's has already rented their land and machinery for the day. a. The market price for hay is $40/bale b. The going wage for their workers is $10/hour c. The cost of renting their land is $40/day d. The cost of renting their machinery is $20/day Given the above information and the production capabilities below, perform the necessary calculations to complete the table below for one day in the life of Boone's farm and answer the following questions. Total Labor Marginal Total Total Total Total Profit Marginal Marginal Marginal Product Hours Product Fixed Variable Cost Revenue Revenue Cost Profit (hay Cost Cost bales) 0 0 AWN 12