Hello! Can you help me answer all of these questions with step-by-step explanation? Thank you so much! 1. The production function of a small firm that produces t-shirts is given by the tablebelow.0|4 6 8| 10 | 12 | 1409 18 33 57 72 84 | 93 | 99 | 102 | 102 99L| 16 | 18 | 202224A. For each L, solve for AP and MP. Round-up your answers to two decimals.Represent your answers on a table. No need to show the solutions.B. What would be the output elasticities of labor? Round-up your answers to twodecimals. If the firm is hiring 16 and 12 workers, interpret the computed ɛ, values.C. Identify the range of number of laborers under increasing marginal returns,diminishing marginal returns, and negative marginal returns.D. Explain why the firm experiences diminishing marginal returns.E. If the firm sells each t-shirt for P75 and each worker receives a wage of P450 perday, what is the optimal number of laborers to hire to maximize profits?

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Answered: 1. The production function of a small…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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