1. Lichita is a producer of apples (x) with production function x = L"1/2 (ie, x 5 points is the square root of L). where L is the number of hours spent growing apples. The wage rate w is 15 pesos per hour. How much does it cost to produce one apple? 0 Less than 40 0 Between 40 and 80 0 More than 80 O Other 2. Use the data from problem 1. Suppose that Lichita produces 2 apples. 5 points How many more pesos are needed to produce the second apple? Asked differently, What is the marginal cost of the second apple? 0 Less than 40 O Between 40 and 80 0 More than 80 O Other 3. Use the data from problems 1 and 2. Suppose that apples can be sold for 5 points 20 pesos each. Is it convenient to produce the first apple? And the second? O The first one yes, and the second one too O The first one no, and neither the second one O The first one yes, but the second one no O Other 4. Use the data from problem 1. What happens to the production of apples 5 points when we move from 16 to 17 hours? Asked differently, What is the marginal product of labor at L=16? O Less than 2 O Between 2 and 4 More than 4 Other5. Use the data from problems 1 and 44 What happens to the marginal 5 points product of labor if instead of going from 16 to 17 hours, we move from 36 to 37 hours? 0 Goes down: we have increasing returns to scale 0 Goes up: we have decreasing returns to scale 0 Does not change: we have constant returns to scale 0 Other 6. Use the data from problem 1. Let px be the price of one apple and w be 5 points the wage rate in pesos per hour. What are the prots pi(x)? When the producer takes prices as given. we say that the market is "competitive". O pi(x)=px*x-w*x"1/2 O pi(x)=px*x-w*x"2 O pi(x)=pxw*x O Other