unction for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 1 25 45 3 60 4 70 75 Look at the table Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 70 bushels of soybeans is: O None of these options is correct. O $1,024. O $550. $250. t400

Innovations in technology that cause an increase in the marginal product of a resource will: O increase the marginal revenue product O increase the marginal resource cost O decrease the marginal revenue product decrease the demand for the resource

Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0               3 1 4               3 2 90               3 3 160               3 4 200               3 5 230               3 6 250               3 7 260               3 8 265               A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents its fixed inputs (K) for $30 per unit. Complete the following table and answer the questions that follow:

Consider a small photography studio with 8 workers and 5 The total cost of labor and capital is $3,200. In order to reduce total operating costs, the owner leases 5 additional printers and fires 5 workers. After these changes, the salary of each worker increases by $30, the cost of using each of the printers (both new and old) remains constant, and the total cost of labor and capital decreases to $2,900. What is the cost of using one printer?

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Consider the production function from earlier: Quantity of Haircuts 20 15 10 0+0 0 N 2 8 14 O Increasing marginal productivity O Constant marginal productivity O Decreasing marginal productivity 3 19 23 Labor (hours) 27 26 Total Product Curve From 1 labor hour up to 7 labor hours, what sort of marginal productivity does this production function have?

Fill in the gaps in the table below. Quantity of Variable Input Marginal Product of Variable Input Average Product of Variable Input Total Output 1 225 2 300 3 300 4 1140 5 225 225 6

1. What should the firm do if the marginal product obtained from the last dollar spent on capital is smaller than the marginal product derived from the last dollar spent on labor and why? Graphically illustrate.

The following table represents the short-run total cost schedule of a bottled water manufacturer. Study the table below and then answer the question. When output increases from 30 to 80 bottles of mineral water, the marginal cost of producing one of those 50 bottles of mineral water is: Labour (workers per day) Output (bottles of mineral Total cost (R) water per day 0 0 400 1 30 700 2 80 1000 3 120 1300 4 140 1 600 5 150 1900 a) R5 b) R6 이이 c) R12,50 d) R20

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