(13 total points) Joe runs a farm. He rents the land for $250 a day, and he can hire workers for $20 per day for each worker. His short run production function is given in the first two columns of the following table.

Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to thenearest 2 decimal places.Also,do not enter leading zeroes.

For example, if the answer to a field is 1/8, enter.13

Donotenter .125or0.13or0.125

Helpful advice:This question is the first half of a larger table. The rest of the table is in Question 2. You arestrongly encouragedtodownload the complete table in a Word docand solve itall at once. Then, type the numbers into the appropriate fields below,and in Question 2. In addition, this will give you a completed table to view when answering the rest of the problems.

WorkersOutputMPTVCTFCTC00----011524037049051056115

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Question 2

12pts

(12 total points) Joe runs a farm. He rents the land for $250 a day, and he can hire workers for $20 per day for each worker. His short run production function is given in the first two columns of the following table.

Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to thenearest 2 decimal places.Also,do not enter leading zeroes.

For example, if the answer to a field is 1/8, enter.13

Donotenter .125or0.13or0.125

Helpful advice:This question is the second half of a larger table. The rest of the table is in Question 1. You arestrongly encouragedtodownload the complete table in a Word docand solve it allat once. Then, type the numbers into the appropriate fields below and in Question 1. In addition, this will give you a completed table to view when answering the rest of the problems.

WorkersOutputAFCAVCATCMC00----------------11524037049051056115

According to the table (and general theory), what is true?

Group of answer choices

the highest MP is associated with the highest MC

the highest MP is associated with the lowest MC

the lowest MP is associated with the lowest MC

the lowest MC is associated with the lowest ATC