# The included spreadsheet titled “Assignment2Data.xlsx”

The included spreadsheet titled “Assignment2Data.xlsx” contains data on the costs for a sample of small agri-businesses in Kansas. Use it to answer the following questions. The table shows each farm’s crop output, crop price, cost of supplies, and cost of labor. For a livestock farm (ranch) it shows the livestock sold, the price per head, cost of maintaining each animal, and labor cost. It also shows the size (measured in acres) of the firm’s land holding, the price of land (per acre) in the local area. Multiplying these gives the value of the land. In this class we have not learned the mathematical tools necessary to use this land value for what we need in this assignment. Therefore, I have calculated the “annuitized value of that land”. This is how much the land is worth on an annual basis and this is what you should use to answer the questions in this problem.

a. From the data in the spreadsheet, calculate the explicit cost of production for each farm. What is the minimum, the 10th percentile, the median, the 90th percentile, and the maximum of explicit cost? Show your work in the spreadsheet in the tab labeled “part (a)” and summarize your answer in your answer document. Be sure to label your answers in the spreadsheet.

b. From the data in the spreadsheet, calculate the implicit (opportunity) cost of production per dollar of revenue for each farm. What are the quartiles of implicit cost? Show your work in the spreadsheet in the tab labeled “part (b)” and summarize your answer in your answer document. Be sure to label your answers in the spreadsheet.

d. From the data in the spreadsheet, calculate the economic profit for each farm. Produce a histogram of the economic profit. Show your work and your graph in the spreadsheet in the tab labeled “part (d)”. Be sure to label your answers in the spreadsheet.

e. Are there any farms that should shut down and sell their land? How many? A farm that is just barely on the cusp of shutting down is what percentile of profit?

How Our Website Works

1. FILL IN OUR SIMPLE ORDER FORM

It has never been easier to place your order. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process.

2. PROCEED WITH THE PAYMENT

All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.

3. WRITER ASSIGNMENT

Next, we match up your order details with the most qualified freelance writer in your field.

4. WRITING PROCESS

Once we have found the most suitable writer for your assignment, they start working on a masterpiece just for you!

5. DELIVERY

Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it. Sometimes, the writer may leave a note for you about the order in case there is any additional information that they need to give you.