The table shows each farm's crop output (bushels annually), crop price (dollars per bushel), cost of supplies (dollars per bushel), and cost of labor (annual total). For a livestock farm (ranch) it shows the livestock sold (head per year), the price (dollars per head), cost of maintaining each animal (dollars per head), and labor cost (annual total).

The land is owned by the farmer. The spreadsheet shows the "annuitized value of that land" and "rental price of the land". The former is how much the land is worth if it were to be sold, converted to a one-year value. The latter is how much it would cost to rent the land for one year.

a. From the data in the spreadsheet, calculate the explicit cost of production for each farm. Calculate the mean, median, and mode of explicit cost? Show your work in the spreadsheet in the orange columns L through O (labeled "Part A"). Be sure to label your answers in the spreadsheet. Summarize your answer in your answer document.

b. From the data in the spreadsheet, calculate the implicit (opportunity) cost of production for each farm. Calculate the quintiles (20^th, 40^th, 60^th, 80^th percentiles) of implicit cost? Show your work in the spreadsheet in the green columns Q through S (labeled "Part B"). Be sure to label your answers in the spreadsheet. Summarize your answer in your answer document.

c. From the data in the spreadsheet, calculate the accounting profit for each farm. Calculate the range, variance, and standard deviation of accounting profit? Show your work in the spreadsheet in the blue columns U through W (labeled "Part C"). Be sure to label your answers in the spreadsheet. Summarize your answer in your answer document.

d. From the data in the spreadsheet, calculate the economic profit for each farm. Produce a histogram of the economic profit. You need to create the histogram yourself; you will not get credit for using excel's "histogram" function. Show your work in the spreadsheet in the dark blue columns y through AK (labeled "Part D"). Be sure to label your answers in the spreadsheet. Summarize your answer in your answer document.

e. Are there any farms that are not profitable? How many? A farm which is just barely on the cusp of earning economic profit is what percentile of profit?

Firm ID	Cost of Animal Feed (per animal per year)	Cost of Plant Supplies (per bushel produced per year)	Cost of Labor (annually)	Livestock sold (annually)
96	372.23	0	205.2	5
57	1055.75	0	170.16	3
54	128.31	0	102.6	3
38	394.05	0	149.28	3
19	375.2	0	2712.6	58
62	609.02	0	1878.48	32
7	328.31	0	256.08	4
72	801.83	0	215.04	5
55	655.15	0	3704.04	80
52	483.01	0	3166.56	65
99	715.86	0	76.92	2
88	363.98	0	153.36	5
42	683.59	0	920.88	25
82	275.58	0	220.32	6
40	600.53	0	211.44	3
67	748.51	0	67.92	2
5	364.34	0	4625.64	82
39	166.04	0	902.28	24
36	531.04	0	205.32	6
35	672.97	0	11986.08	258
43	299.61	0	4662.12	88
95	371.23	0	179.28	4
22	284.37	0	125.76	3
4	670.77	0	1197.96	25
14	586.14	0	1251	31
76	293.5	0	982.32	27
56	272.31	0	233.64	7
8	372.85	0	221.52	6
83	485.01	0	737.04	18
91	226.3	0	558.84	17
85	493.09	0	843.96	19
94	338.4	0	1431.48	36
75	788.91	0	105.24	2
1	500.41	0	206.88	4
73	1111.81	0	166.92	3
20	424.28	0	54.84	2
41	204.89	0	1472.28	36
93	274.29	0	989.4	28
11	177.56	0	1155	30
13	596.11	0	235.44	6
60	521.18	0	1468.32	26
29	288.87	0	147	3
2	579.44	0	224.16	6
31	519.07	0	2656.44	53
78	326.03	0	188.04	5
53	409.33	0	2611.92	79
68	693.65	0	197.52	3
46	150.17	0	43.44	1
16	299.6	0	156.24	3
69	71.88	0	2205.6	548
3	69.34	0	373.8	62
59	83.67	0	338.04	54
6	72.67	0	168.84	29
21	19.02	0	73.2	17
64	98.37	0	38.76	5
45	27.04	0	9705.6	2378
34	55.03	0	729.24	126
81	52.25	0	152.76	31
87	62.12	0	168	33
98	32.4	0	4759.08	702
86	25.66	0	850.08	189
63	54.48	0	5569.56	1497
51	39.47	0	5087.16	874
80	98.35	0	13.2	3
84	1.63	0	418.56	1301
66	2.74	0	147.48	323
26	5.75	0	139.32	380
50	4.04	0	48.48	153
92	8.38	0	526.56	1114
18	3.73	0	777.72	2441
9	0	2.89	7.98	0
48	0	3.96	10.68	0
77	0	4.34	34.32	0
30	0	3.04	45.24	0
15	0	4.83	55.08	0
58	0	4.21	71.58	0
37	0	3.19	35.82	0
79	0	3.26	50.64	0
24	0	4.05	92.4	0
97	0	3.36	84.24	0
71	0	2.63	109.86	0
32	0	4.49	71.7	0
61	0	1.48	86.46	0
23	0	2.91	67.32	0
65	0	1.24	91.2	0
17	0	3.38	108.66	0
28	0	2.16	102.06	0
27	0	4.65	170.46	0
89	0	6.82	246.12	0
47	0	4.95	271.5	0
33	0	2.42	383.94	0
90	0	3.67	452.76	0
70	0	3.81	610.38	0
10	0	2.61	483.42	0
74	0	4.2	773.88	0
25	0	2.68	717.78	0
12	0	3.5	1041.36	0
44	0	5.04	3118.38	0
49	0	2.3	4505.76	0
100	0	3.53	5214.36	0

Crop Production (bu annually)	Livestock price - Farm to Processor	Crop price - Farm to Silo	Rental Price of Land (annual)	Annuitized value of land (annual)
0	716	NA	703.61	760.42
0	997	NA	552.5	497.86
0	518	NA	657.02	634.9
0	820	NA	1534.76	1593.23
0	780	NA	14415.4	14463.11
0	969	NA	10094.58	10088.39
0	992	NA	1156.01	1167.33
0	711	NA	810.47	867.54
0	770	NA	5843.76	5925.34
0	804	NA	22120.18	22147.06
0	693	NA	14.82	79.45
0	551	NA	1000.07	1011.02
0	611	NA	1824.6	1898.14
0	645	NA	2076.79	2057.59
0	998	NA	956.71	918.83
0	651	NA	396.56	375.09
0	938	NA	59335.37	59411.62
0	640	NA	5393.64	5328.54
0	620	NA	258.4	174.58
0	774	NA	8145.4	8090.69
0	876	NA	24252.16	24243.12
0	881	NA	1876.58	1905.73
0	746	NA	623.65	638.4
0	789	NA	1967.02	2056.2
0	674	NA	572.66	591.55
0	589	NA	10148.41	10058.39
0	546	NA	2309.26	2370.72
0	564	NA	754.52	835.2
0	673	NA	2619.27	2708.77
0	544	NA	6509.8	6583.29
0	731	NA	4728.07	4747.52
0	654	NA	12850.94	12922.54
0	702	NA	357.53	317.58
0	885	NA	1043.48	1100.59
0	959	NA	471.83	560.35
0	511	NA	229.33	151.04
0	672	NA	14885.63	14825.85
0	582	NA	4668.24	4722.64
0	640	NA	8588.1	8576.32
0	697	NA	167.89	258.16
0	925	NA	4486.08	4418.6
0	842	NA	1325.16	1269.05
0	632	NA	13.48	31.29
0	826	NA	9570.34	9580.59
0	619	NA	645.86	737.88
0	553	NA	6004.18	6063.77
0	995	NA	695.08	630.86
0	655	NA	405.75	414.49
0	973	NA	1414.71	1478.17
0	67	NA	4580.46	4562.24
0	100	NA	1045.42	974.9
0	104	NA	954.01	985.89
0	97	NA	405.6	484.63
0	71	NA	774.95	847.61
0	119	NA	68.75	31.73
0	68	NA	50272.64	50309.82
0	96	NA	2329.73	2380.38
0	83	NA	321.76	396.4
0	85	NA	575.94	490.54
0	113	NA	46104.34	46075.44
0	75	NA	6063.43	6114.37
0	62	NA	4703.99	4639.13
0	97	NA	52715.56	52706.72
0	91	NA	0.53	40.09
0	5.36	NA	5022.92	5065.55
0	7.61	NA	1733.62	1721.94
0	6.1	NA	4.75	56.38
0	5.27	NA	21.44	63.8
0	7.88	NA	934.51	862.79
0	5.31	NA	2406.46	2480.78
65	NA	6.18	110.45	138.64
109	NA	4.9	206.1	114.95
289	NA	5.94	236.36	314.63
413	NA	5.48	1332.94	1379.2
444	NA	6.2	353.14	296.69
530	NA	6.75	1057.59	1156.19
580	NA	3.09	105.6	139.77
619	NA	4.09	373.67	306.32
733	NA	6.3	1021.71	1042.95
818	NA	5.15	1959.73	1984.02
854	NA	6.43	3982.65	3884.84
941	NA	3.81	1013.17	977.54
994	NA	4.35	3664.09	3732.8
1093	NA	3.08	121.88	145.37
1104	NA	4.13	2277.46	2215.12
1141	NA	4.76	2208.4	2143.74
1379	NA	3.7	1083.6	1077.89
1837	NA	4.64	97.13	194.41
2075	NA	5.93	2928.05	2994.62
2754	NA	4.93	390.34	406.29
3014	NA	6.37	11037.07	11082.61
4208	NA	5.38	7012.78	6961.22
5847	NA	5.22	6735.33	6658.35
6771	NA	3.57	6320.34	6308.6
7632	NA	5.07	7811.19	7828.04
9779	NA	3.67	9269.09	9223.18
15778	NA	3.3	4615.4	4546.45
32551	NA	4.79	15823.84	15887.16
44878	NA	5.02	107210.84	107121.08
51730	NA	5.04	50085.83	50116.05