(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:

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4QR

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Question

(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input
consists of 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 75 bushels of quinoa is:
Table: Production Function for Quinoa
Number of Workers
1
2
3
4
5
$1,150.
$7,650.
$1,225.
$650.
Bushels of Quinoa
0
25
45
60
70
75

(Figure: Short-Run Costs for Wallets) Use Figure: Short-Run Costs for Wallets. Curve I is the
Cost
curves
$250
150
50
Point A
Point B
average variable
total
marginal
average total
Curve 1
Curve 2
Curve 3
Number of wallets (per day)
cost curve.

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