1. Corn yield (output) response function to nitrogen fertilizer (input) is given as y = 0.75X + 0.0042X2 - 0.000023X3 Answer the following questions (Use Excel).

i. In increments of 20 units of X (from X = 0 to X = 240), calculate the Total Physical Product (TPP). Draw the graph of TPP

. ii. Calculate the Average Physical Product (APP). On a separate graph draw APP.

iii. MPP = 0.75 + 0.0084X - 0.000069X2 . Calculate the Marginal Physical Product (MPP). Use the graph for part (ii) and draw MPP. Illustrate the 3 stages of production.

iv. Assume that the price of corn is $4.00 per bushel and that nitrogen costs $0.15 per pound, calculate the TVP, AVP, and MVP. At what level of output is the economic profit maximum?

v. At what level of nitrogen use is output the maximum?

vi. What is the range of nitrogen use at which profit is maximized? At the range of nitrogen use, what is the output range?