Question: Please answer all questions in the correct format. Thank you(: Question 2: In western Kansas, corn can be grown in two ways - with or

Please answer all questions in the correct format. Thank you(: Question 2:

Please answer all questions in the correct format. Thank you(:

Question 2: In western Kansas, corn can be grown in two ways - with or without irrigation. Dryland farmers, who do not irrigate their corn, have long-run average costs of LACD=Q220Q+105 and long-run marginal costs of LMCD=3Q240Q+105, where Q is measured in thousands of bushels. Farmers lucky enough to have water rights or river access have lower costs: Their longrun average cost is LACI=Q216Q+67 and their long-run marginal costs are LMCI=3Q232Q+67. Use negative signs where appropriate and round all answers to the nearest one-hundredth place (0.01). Question 7 d. How much corn will an irrigated farmer grow if the price is your answer to part (c)? Question 8 Question 4 1 pts e. What is the average cost of an irrigated farmer if the price is your answer to part (c)? Question 9 Question 5 1 pts f. What is an irrigated farmer's economic rent if the price is your answer to part (d)? b. Find the lowest price that an irrigated farmer can receive and still produce corn. Question 6 1 pts c. What is the lowest price that can be charged and still have both dryland and irrigated farmers grow corn? Question 10 g. Does your answer to part (f) mean that irrigated farmers are earning economic profit

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