Refer to Table 12.3 below. Suppose that the marginal cost of wheat is $0.50 higher for every bushel of wheat produced. For example, the marginal cost of producing the eighth bushel of wheat is now $9.50. Assume that the price of wheat remains $7 per bushel. Will this increase in marginal cost change the profit-maximizing level of production for Farmer Parker? Briefly explain. How much profit will Farmer Parker make now?

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(1) Quantity (bushels) (Q) (2) Total (5) Marginal Revenue (MR) (3) Total Cost (TC) (4) Profit (TR – TC) (6) Marginal Cost (MC) Revenue (TR) $0.00 -$10.00 $10.00 -7.00 $4.00 7.00 14.00 $7.00 -2.50 2.50 14.00 16.50 7.00 2.50 21.00 18.50 7.00 2.00 7.00 2.50 4 28.00 21.00 7.00 35.00 24.50 10.50 7.00 3.50 42.00 29.00 13.00 7.00 4.50 49.00 35.50 13.50 7.00 6.50 8. 56.00 44.50 11.50 7.00 9.00 56.50 7.00 63.00 6.50 12.00 10 70.00 72.00 -2.00 7.00 15.50 2.