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Tim farms a total of 1,903.5 acres of corn and soybeans. He does not have any livestock production. He is expecting the following yields and expenses. He wants your help in calculating his breakeven costs for both corn and soybeans. Acres Yield Irrigated Corn 698.8 230 Percent of Production Direct Costs Overhead Costs Expected Family Living Dryland Corn 182 150 Corn 86.03% $477.74 $79.31 Irrigated Soybeans Dryland Soybeans 393.5 629.2 75 55 Soybeans 79.85% $382.71 $79.31 $166,356 Required 1) What is Tim's Family Living & Taxes cost per acre? 2) What is the total cost per acre for corn? 3) What is the total cost per acre for soybeans? 4) What is Tim's total share of the expected production (bushels) for corn? 5) What is Tim's total share of the expected production (bushels) for soybeans? 6) What is Tim's share of the yield per acre for corn? 7) What is Tim's share of the yield per acre for soybeans? 8) What is Tim's cost of production per bushel for corn? 9) What is Tim's cost of production per bushel for soybeans? 10) What other information could be used in making this calculation? a. Government Farm Program Payments b. Non-Farm Income (As a reduction of Family Living needed from the farm) c. Proceeds from the sale of a tractor. d. Crop Insurance Proceeds (if the yield is below the guaranteed bushels) 11) Bonus: What is Tim's breakeven yield (average of irrigated & dryland) if the prices were $4.05 for corn? 12) Bonus: What is Tim's breakeven yield (average of irrigated & dryland) if the prices were $10.15 for soybeans?