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The table below shows Ali's monthly costs of producing wheat. Suppose the current market price of wheat is $84.85 per bushel. Ali's Wheat Production Costs
The table below shows Ali's monthly costs of producing wheat. Suppose the current market price of wheat is $84.85 per bushel. Ali's Wheat Production Costs Quantity (bushels) AVE {dollars} ATC {dollars} MIC {dollars} 536 $19 .35 $29 .85 $4 .35 1,836 22.35 14.35 1,536 23.18 22.35 2,836 26.18 2,536 24.35 29.85 44.35 3,836 29.35 34.62 Instructions: Round your answers to two decimal places. If you are entering a negative number include a minus sign. a. If the market price is $84.85 per bushel of wheat, and Ali chooses to produce wheat. how much will he produce per month to maximize his prots in the shon ru n? bushels per month b. Calculate Ali's monthlyI profits {express a loss as a negative number] if he chooses to produce the prot-maximizing quantity of wheat at a price of $84.85. $:I c. Assume that the market price of wheat falls to $22.85 per bushel. How much wheat will Ali choose to produce per month in order to maximize his profits in the shon ru n? |:| bushels per month d. Calculate Ali's monthly prots {express a loss as a negative number] if he chooses to produce the protmaximizing quantityr of wheat at a price of $2285. $:| e. If the market price of wheat instead falls to $14.85 per bushel, how much wheat will Ali choose to produce per month in order to maximize his prots in the shon ru n? |:| bushels per month
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