Question: Part IV: Problem solving (15 pts. each) 1. Part a: The following table shows multiple output levels (bushels/acre), output price, and total costs. Calculate total

Part IV: Problem solving (15 pts. each) 1. Part a: The following table shows multiple output levels (bushels/acre), output price, and total costs. Calculate total revenue, marginal revenue, and marginal cost. Crop Plan Yield Change in Crop Yield Total Price Revenue Marginal Revenue Marginal Total Cost Cost 100 10 $8.00 $650.00 1 2 20 $8.00 $775.00 120 135 13 15 $8.00 $875.00 4 150 15 $8.00 $995.00 5 160 10 $8.00 $1,100.00 16 166 16 $8.00 $1,200.00 17 164 -2 $8.00 $1,250.00 Part b: Using your answer to Part a what is the profit maximizing level of crop yield? bushels/acre

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