Q. Table 3 above shows how output varies with only one variable input used in production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 230th unit of output?       a. $2.50       b. $8.50       c. $12.50       d. $50.00       e. $100.00

13. Suppose you have a production technology given by f(x1, x2) = min{2x₁, x2} and you are producing at the point where x₁ = 10 and x₂ = 20. (a) Explain in words what we mean (generally) by the ‘marginal product' of an input in production. (b) For the production technology in this question and the initial point x₁ = 10 and x2 = 20, what is the marginal product of a small increase in input 1? (c) Suppose input 2 increases and you are now at the initial point x₁ = 10 and x2 = 30. Relative to your answer in part (b), does the marginal product of input 1 decrease, increase, or stay constant? Explain briefly.

Calculate the value of total cost when average cost is $35 and the no of inputs employed is 5

If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the second oven? Read again before you answer. Labor Total Product Capital (ovens) (workers) (cakes) 8 6,000 8 10,000 8 13,000 Type your numeric answer and submit 123

Explain why this statement is true or false: "If the labor cost per table is $20 and the material cost per table is $30, the short run average cost per table is $50."

Fill in the missing data to solve this problem. Variable Total Average MarginalInput Product Product Product4      ?       70     ----5      ?      ?     406      350      ?        ? What is the total product for 5 units of input, and what is the marginal product for 6 units of input?

Suppose a publisher faces the following costs of producing 10,000 newspapers each month:$5,500 cost of labor; $2,200 monthly mortgage payment; $250 cost of electricity to run theprinting presses; $800 for ink and paper; and $200 in city property taxes (based on the valueof the building and land). Its total variable costs are: Group of answer choices $8,750. $8,950. $6,300. $6,550