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.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 21PAE
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Transcribed Image Text:Table: Production Function for Soybeans
Quantity
of labor (workers)
Quantity of
soybeans (bushels)
25
45
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 S100 per worker per day. The fixed cost of producing 25 bushels of soybeans is:
O 550.
O S100.
O S150.
O $250.
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