teach this A firm uses machines, labor and output to produce output. Labor is a variable input and costs $25 an hour.The hours of labor required to produce a given amount of output if given in the table below.The other variable input is materials. Each extra unit of output requires $10 worth of materials.The quantity of machines is fixed. The firm must pay $500 for the machines and doesn't want to change thenumber of machines in the short or long run.Output Hours needed123456789101110182325303746617796117(a) Suppose that machines are fixed in the short-run. What is the minimum price at which it will supply thea positive quantity of the good?(b) Create a table with the information about for the firm's short-run supply of the good.(c) What is the minimum price at which the firm will earn non-negative economic profits?(d) What is the elasticity of supply when the price is $ 410?(e) The price of a complementary good decreases. What would you expect to happen to the firm's output?Explain.

According to the question, given information given :Cost : $25 hourExtra unit of output required $…

rm uses machines, labor and output to produce output. Labor is a variable input and costs he hours of labor required to produce a given amount of output if given in the table below. he other variable input is materials. Each extra unit of output requires $10 worth of materials he quantity of machines is fixed. The firm must pay $500 for the machines and doesn't want t amber of machines in the short or long run.

rm uses machines, labor and output to produce output. Labor is a variable input and costs he hours of labor required to produce a given amount of output if given in the table below. he other variable input is materials. Each extra unit of output requires $10 worth of materials he quantity of machines is fixed. The firm must pay $500 for the machines and doesn't want t amber of machines in the short or long run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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