2. 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 are the quartiles 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 quintiles 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. c. From the data in the spreadsheet, calculate the accounting profit for each farm. What is the minimum, the 10th percentile, the median, the 90th percentile, and the maximum of accounting profit? Show your work in the spreadsheet in the tab labeled “part (c)” 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. You need to create the histogram yourself; you will not get credit for using excel’s histogram function. 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 are not profitable? How many? A farm which is just barely on the cusp of earning economic profit is what percentile of profit?
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