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The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: Quantity Total Marginal Marginal (bushels) Revenue Total Cost Profit Revenue Cost (Q

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The following table shows Farmer Parker's revenue, cost, and profit from wheat farming: Quantity Total Marginal Marginal (bushels) Revenue Total Cost Profit Revenue Cost (Q (TR) (TC) (TR - TC) (MR) (MC) $0.00 $2.00 $ -2.00 4.00 5.00 -1.00 $4.00 3.00 8.00 7.00 1.00 4.00 2.00 12.00 8.50 3.50 4.00 1.50 16.00 10.50 5.50 4.00 2.00 OOOVOUAWN-O 20.00 13.00 7.00 4.00 2.50 24.00 17.00 7.00 4.00 4.03 28.00 21.50 6.50 4.00 4.50 32.00 28.50 3.50 4.00 7.00 36.00 38.00 -2.00 4.00 9.50 40.00 50.50 -10.50 4.00 12.50 Farmer Parker's profit-maximizing level of production is 6 bushels of wheat. At this level of production he produces following the rule Marginal Revenue = Marginal Cost and ear Farmer Parker's fixed costs are $ . (Enter your response rounded to two decimal places.) Suppose that fixed costs increase by $1.00. Farmer Parker's new profit-maximizing level of production after the increase in fixed costs is bushels of wheat. The amount of profit that Farmer Parker will earn after the increase in fixed costs is $ . (Enter your response rounded to two decimal places.)

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