Taxes t<=25000 25000<t<=50000 t>50000 Current earnings FC VC Price at harvest Forward rates Order amount $ $ $

0% 24% 45.60% 300,000 220,000 0.03 per pound #NAME? per pound $0.21 per pound 100 tons

Production forecast Forward sales contract Fixed Cost VC Additional cost of buying Revenue Earnings Taxes Net earnings U(x) Mean utility

#NAME? #NAME? 220,000 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 15.9795235

#NAME?

Forward sales contract 371.50

#NAME?

1 ton

2000 pounds

Correlations $C$8 $C$15

$C$8 1 0.99

$C$15 0.99 1

d sales contract

Taxes t<=25000 25000<t<=50000 t>50000 Current earnings FC VC Price at harvest Forward rates Order amount $ $ $

0% 24% 45.60% 300,000 220,000 0.03 per pound #NAME? per pound $0.21 per pound 100 tons

Production forecast Forward sales contract Fixed Cost VC Additional cost of buying Revenue Earnings Taxes Net earnings U(x) Mean utility

#NAME? #NAME? 220,000 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 15.9796658

#NAME?

Forward sales contract 371.49

#NAME?

1 ton

2000 pounds

Correlations $C$8 $C$15

$C$8 1 0

$C$15 0 1

d sales contract

Taxes t<=25000 25000<t<=50000 t>50000 Current earnings FC VC Price at harvest Forward rates Order amount $ $ $

0% 24% 45.60% 300,000 220,000 0.03 per pound #NAME? per pound $0.21 per pound 100 tons

Production forecast Forward sales contract Fixed Cost VC Additional cost of buying Revenue Earnings Taxes Net earnings U(x) Mean utility

#NAME? #NAME? 220,000 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 15.97997966

#NAME?

Forward sales contract 371.47

#NAME?

1 ton

2000 pounds

Correlations $C$8 $C$15

$C$8 1 -0.99

$C$15 -0.99 1

d sales contract