PART 2Question 1a. The following table summarizes the short-run production functions for "All Needs Firms".The product of “All Needs Firm" sells for 5 GHC per unit, the cost of input X1 is 8 GHC perunit, and the price of input X2 is 25 GHC per unit. Complete the following table, and thenanswer the associated questions. Please show how you arrive at your answers.X1X2QMPx1APr1AP21.510230356045805590659559585905801056011530Answer the following questions using information from the above table.1. Which input is the fixed input? Which is the variable input?2. How much is the fixed costs?3. What is the variable cost of producing 30 units of output?4. Over what range of variable input usage does increasing marginal returns exist?5. Over what range of variable input usage does decreasing marginal returns exist?6. Over what range of variable input usage does negative marginal returns exists?b. You are the manager of a firm that sells output at a price of 40ghc per unit. You are interestedin hiring a new worker who will increase your firm's output by 2,000 units per year. Severalother firms also are interested in hiring the worker.1. what is the highest annual salary you should be willing to pay this worker to come toyour firm?2. What will determine whether or not you actually have to offer this much to the workerto induce him to join your firm?

PART 2 Question 1 a. The following table summarizes the short-run production functions for "All Needs Firms". The product of "All Needs Firm" sells for 5 GHC per unit, the cost of input X1 is 8 GHC per unit, and the price of input X2 is 25 GHC per unit. Complete the following table, and then answer the associated questions. Please show how you arrive at your answers. 0 1 2 3 4 5 X₁ 55 5 10 5 5 5 5 X2 Q 0 10 30 60 80 90 MPx1 APx1 APx2