(8.a) Fill in the missing cells below. (8.b) If we don’t produce any wheat our profits will be $__________ per acre. (8.c) If we produce wheat but don’t apply any nitrogen our profits will be $__________ per acre. (8.d) The profit-maximizing level of nitrogen use is ____________ lbs N per acre, producing ________ bushels of wheat per acre and providing profits of $___________ per acre. Price of wheat $ / bushel Price of nitrogen $ / lb Fixed Costs $ / acre Other Variable Costs $ / acre Wheat Nitrogen Cost of nitrogen Total variable Produce yield Total fixed costs (lbs / application costs wheat? (bushels / ($ / acre) acre) ($ / acre) ($ / acre) acre) NO 0.00 ----------- ----------- ----------- Yes 0.00 ----------- Yes 10.00 Yes 20.00 Yes 30.00 Yes 40.00 Yes 50.00 Yes 60.00 Nitrogen yield Produce Total costs Revenues Profits (lbs / (bushels / wheat? ($ / acre) ($ / acre) ($ / acre) acre) acre) NO 0.00 ----------- ----------- Yes 0.00 Yes 10.00 Yes 20.00 Yes 30.00 Yes 40.00 Yes 50.00 Yes 60.00 (9.a) Fill in the missing cells below.
(8.a) Fill in the missing cells below. (8.b) If we don’t produce any wheat our profits will be $__________ per acre. (8.c) If we produce wheat but don’t apply any nitrogen our profits will be $__________ per acre. (8.d) The profit-maximizing level of nitrogen use is ____________ lbs N per acre, producing ________ bushels of wheat per acre and providing profits of $___________ per acre. Price of wheat $ / bushel Price of nitrogen $ / lb Fixed Costs $ / acre Other Variable Costs $ / acre Produce wheat? Nitrogen (lbs / acre) Wheat yield (bushels / acre) Cost of nitrogen application ($ / acre) Total fixed costs ($ / acre) Total variable costs ($ / acre) NO 0.00 ----------- ----------- ----------- Yes 0.00 ----------- Yes 10.00 Yes 20.00 Yes 30.00 Yes 40.00 Yes 50.00 Yes 60.00 Produce wheat? Nitrogen (lbs / acre) yield (bushels / acre) Total costs ($ / acre) Revenues ($ / acre) Profits ($ / acre) NO 0.00 ----------- ----------- Yes 0.00 Yes 10.00 Yes 20.00 Yes 30.00 Yes 40.00 Yes 50.00 Yes 60.00 (9.a) Fill in the missing cells below.
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