Answer the questions that follow based on the production function in the image attached, the daily costs of production are $50 to each worker hired and $15 per machine leased. Complete as much of the table as you need to answer the questions and number each answer according to each questionsThis firm is not operating in the long run. Briefly tell me whyWhen is the firm predicted through this production function most productive?When is the firm predicted through this production function least productive?Fixed costs at 0 units of output are The marginal cost at 4750 units of output is: Make sure to round up to two decimals.Which two variables in the table are essential to the understanding of the law of diminishing marginal returns?If the firm represented by this production function was perfectly competitive, what price would it charge to reflect it operating in the long run? Make sure to round up to two decimalsAt what price would the firm represented here shut down? Make sure to round up to two decimals Quantity QuantityofofWorkers Machines Output of Labor030165014002450370045504750234333335B33333Cost of Cost ofWorkers Total CostofProduction$0Marginal MachinesProduct (Fixed (VariableCost) Cost)145.00245.00345.00Average Average AverageFixed VariableCostCost Cost(AFC) (AVC) (ATC)$0.08 50.150.030.070.080.010.07Total MarginstCost(MC)0.070.06

The production function is a technical relationship between the physical input and physical output…

Answered: Answer the questions that follow based…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer the questions that follow based on the production function in the image attached, the daily costs of production are $50 to each worker hired and $15 per machine leased. Complete as much of the table as you need to answer the questions and number each answer according to each questions

This firm is not operating in the long run. Briefly tell me why

When is the firm predicted through this production function most productive?

When is the firm predicted through this production function least productive?

Fixed costs at 0 units of output are

The marginal cost at 4750 units of output is: Make sure to round up to two decimals.

Which two variables in the table are essential to the understanding of the law of diminishing marginal returns?

If the firm represented by this production function was perfectly competitive, what price would it charge to reflect it operating in the long run? Make sure to round up to two decimals

At what price would the firm represented here shut down? Make sure to round up to two decimals

Quantity Quantity
of
of
Workers Machines Output of Labor
0
3
0
1
650
1400
2450
3700
4550
4750
234
33333
5
B
3
3
3
3
3
Cost of Cost of
Workers Total Cost
of
Production
$0
Marginal Machines
Product (Fixed (Variable
Cost) Cost)
145.00
245.00
345.00
Average Average Average
Fixed Variable
Cost
Cost Cost
(AFC) (AVC) (ATC)
$0.08 50.15
0.03
0.07
0.08
0.01
0.07
Total Marginst
Cost
(MC)
0.07
0.06

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