(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed inputconsists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 perworker per day. The total cost of producing 75 bushels of quinoa is:Table: Production Function for QuinoaNumber of Workers12345$1,150.$7,650.$1,225.$650.Bushels of Quinoa02545607075 (Figure: Short-Run Costs for Wallets) Use Figure: Short-Run Costs for Wallets. Curve I is theCostcurves$25015050Point APoint Baverage variabletotalmarginalaverage totalCurve 1Curve 2Curve 3Number of wallets (per day)cost curve.

We have given the production function of Quinoa. 10-acre land and a tractor is a fixed input in the…

(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is worker per day. The total cost of producing 75 bushels of quinoa is:

(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is worker per day. The total cost of producing 75 bushels of quinoa is:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Solve it correctly please.
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