1. Acme Products is a small manufacturer competing in a perfectly competitive market. It can sell all of the product it chooses to produce at $41.25 (P = $41.25). Acme's production function is Cobb-Douglas where the daily production Q = 10 x K'x L . Acme pays a daily wage (w) of $200 per worker and pays $50 (PK) per unit of capital (K). Note: This task is mostly easily completed with MS Excel. The table can be copied and pasted into Excel with the completed table pasted back into this document. =10*K^.5-L^.5 4Q/AL MP -P K*PK L*W FC+ VC ATC/AQ ATR/AQ TR - TC K L/day Q/day MP VMP FC VC TC MC MR Profit 16 2 16 4 16 6 16 8 16 10 16 12 16 14 16 16 16 18 16 20 16 22 16 24 a. Complete Acme's production table