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

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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

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^thpercentiles) 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