1) Explain the concept of a production function and how this concept is used by firms to determine the optimal level of inputs.

2) Following table

Quiz navigation Use the provided table to answer the following questions. Assume the firm is a price taker in a perfectly competitive market. A - Complete the calculations for the cost table. Yield - Tons of Hemp TC TFC TVC ATC AVC AFC MC 0 100 1 150 2 210 3 260 4 300 5 330 6 350 7 360 B - If the market price is $30 per ton, what is the profit maximizing level of output for this firm? Explain using marginal analysis. C - Continuing to assume the market price is $30 per ton, what is the total value of profits the firm can earn