Al's production function for deer is f(x1,x2) = (2x1 + x2)^1/2, where x1 is the amount of plastic and x2 is the amount of wood used. If the cost of plastic is $4 per unit and the cost of wood is $3 per unit, then the cost of producing 5 deer is a) $55 b) $10 c) $50 d) $75

Q 4: Answer the questions below using the following Table (you can also take help from the Figures if needed): MC ($) 7,259 6,548 5,838 5,125 4,417 3,706 MC ($) 6,541 6,821 7,102 Total cost ($) 105,311,250 202,070,000 Students AC ($) Undergraduate 13,750 27,500 41,250 55,000 68,750 82,500 Students 7,659 7,348 7,038 6,727 6,417 6,106 369,985,000 441,168,750 503,745,000 Total cost ($) AC ($) Graduate 2,750 5,500 8,250 11,000 13,750 16,500 12,140 33,385,000 9,399 8,672 8,365 8,249 8,228 51,697,000 7,383 7,664 7,945 92,015,000 113,423,750 135,762,000 (a) IDENTIFY and EXPLAIN differences between the universities' cost structures for undergraduate and graduates? (b) The new Vice Chancellor has asked you for advice on whether she should consolidate or expand the programs. Provide your advice using the information in the table. (c) What is the effect of the introduction of a license fee of 9 million dollars by the government for undergraduate programs being offered by universities on the…

A firm's production function can be written as:Q = 5LKwhere Q represents output per day. The unit costs of inputs are $150 for labor (L) and$1,000 for capital (K). Determine the least cost combination of L and K when output isproduced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons perday.

Evaluate and explain the following statement: The market system is a profit-and-loss system.