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?

Animal Cost of Plant Cost of Livestock Crop Livestock er animal Supplies (per bushel Labor Rental Price Annuitized price- Farm Crop price- value of lan Firm ID 96 372.23 produced per year (annually (annually) (bu annually) to Processor Farm to Silo (annual) 703.61 (annual) 760.42 57 10 70.16 997 N 552.5 197 86 102.6 394 05 518 149.28 820N 2712.6 56 08 969 15.04 711 N 367 54 04.04 3166. 170 N 2147 153.36 1011.02 920 8 306 56 396.56 4625.64 933537 5393.6 2584 11986 4252.1 1876.5 1967.0 977.5 2215. 9269.0 87 16 10721 to bo bo 1071 50085.83 50116.05