The table below shows expected price, yield, variable costs, and fixed costs for a Michigan cash grain farm.

	Corn	Soybean	Wheat
REVENUE
Price ($/bushel)	3	12	6
Yield (bushels/acre)	174	37	87
Total Revenue
VARIABLE COSTS	375	270	325
FIXED COSTS	120	135	130
Total Costs
NET RETURN

1. (6) Fill in the missing information on the above table.

2. (6) Given the expected yields and costs, what are simple break-even prices (rounded to whole cents) for:

1. Corn?

2. Soybean?

3. Wheat?

3. (6) Given the expected prices and costs, what are simple break-even yields (rounded to whole bushels) for:

1. Corn?

2. Soybean?

3. Wheat?

4. (12) If the farmer believes that soybean prices will rise next year, what is the break-even soybean price needed to justify switching land from wheat into soybeans (assuming the farmer wants maximum profits)?

(10) Suppose that next July, as wheat harvest approaches, the farmer discovers that he will only be able to sell wheat for $5/bushel, instead of the $6/bushel that he anticipated. Assuming that all the other cost and yield information do not change, should the farmer harvest and sell his wheat next July? Why or why not?