Table: Production Function for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 25 45 2 60 4. 70 75 (Ref 21-2 Table: Production Function for Soybeans) Use Table 21-2: 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 fixed cost of producing 25 bushels of soybeans is: $50. $100. O S150. O $250.

Table: Production Function for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 25 45 2 60 4. 70 75 (Ref 21-2 Table: Production Function for Soybeans) Use Table 21-2: 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 fixed cost of producing 25 bushels of soybeans is: $50. $100. O S150. O $250.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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