Suppose you are getting ready to seed a new forage pasture. You need to determine how many lbs per acre to set your seeding rate. Based on your past experience, you were able to determine the relationship between forage production (lbs/ac) as a factor of seeding rate with the following equation: Y = 45x0.069 x-0.016 x Where: Y forage production in lbs/ac x = seeding rate in lbs/ac Assume you can purchase seed in 20lb bags at a cost of $18/bag. You value your forage at $180 tons/ac *Hint: Be careful with your units on prices and units in the production function. a. If you were to seed at 24 lbs/ac, what is the imputed value (aka shadow price)? Interpret in words (as if you were righting an article for Hay and Forage) what that means to a producer. 4 pts b. If we were to seed at 30 lbs/ac, what is the imputed value? What stage of production would be you be in at that seeding rate? 3 pts