unction for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 1 25 45 3 60 4 70 75 Look at the table 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 total cost of producing 70 bushels of soybeans is: O None of these options is correct. O $1,024. O $550. $250. t400
unction for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 1 25 45 3 60 4 70 75 Look at the table 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 total cost of producing 70 bushels of soybeans is: O None of these options is correct. O $1,024. O $550. $250. t400
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Table: Production Function for Soybeans
Quantity
of labor (workers)
Quantity of
soybeans (bushels)
1
25
45
3
60
4
70
75
Look at the table 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 total cost of producing 70 bushels of soybeans is:
None of these options is correct.
$1,024.
$550.
$250.
$400.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F796e1ebb-cd76-4aff-aa0d-d861497a21b9%2F8288c7d5-390e-40c3-8bfa-9ff488526033%2Fiak6g1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Table: Production Function for Soybeans
Quantity
of labor (workers)
Quantity of
soybeans (bushels)
1
25
45
3
60
4
70
75
Look at the table 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 total cost of producing 70 bushels of soybeans is:
None of these options is correct.
$1,024.
$550.
$250.
$400.
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