QUESTION 5.1 The \"Joe and Bob" Bread Company provide loaves of bread. On the rst of each month they buy the necessary ingredients to make their bread. On April 1 \"Joe and Bob" get a great deal on wheat (an important input in making bread) and purchase 1 million (1,000,000) bushels of wheat at $2 per bushel. One bushel of wheat can produce 2 loaves of bread. \"Joe and Bob" sell 500,000 loaves of bread in April at $3 per loaf. This results in an economic profit of $125,000 in the month of April. Unfortunately, a drought in April causes the market price of wheat to increase to $3 a bushel in May. All other input costs remain the same. Fortunately, \"Joe and Bob" still have wheat leftover from April so they do not have to buy wheat on May 1. a. Assuming that \"Joe and Bob" sell 500,000 loaves of bread in May at $3 per loaf, what will their economic profits be? N b. Assuming that \"Joe and Bob" have market power (in other words, a downward sloping demand curve), have they maximized their profits in May? If not, how should they adjust their price or quantity? 0. Is there anything else that \"Joe and Bob" can do that would increase their protability