4 er oreeta 0.00 1:57:36 Suppose Aidan has decided to open a restaurant and sell burgers. He can make the burgers either from lamb or beef A kilogram of lamb yields 4.2 burgers and a kilogram of beef yields 5.9 burgers. Therefore, the total quantity of burgers, q that Aidan can make is given by the production function q 4.26+5.9b, where and bare kilograms of lamb and beef (which can be fractional numbers). Note that the marginal productivities are MP 4.2 and MP -5.9. In your calculations and answers, use a precision of 4 decimals. 1. If the price of lamb is pr 3.6 and the price of beef is p Aidan will have to buy 4.05, and Aidan wants to make 420 burgers, then: kilograms of lamb. Aidan will have to buy kilograms of beef. The total cost of producing 420 burgers is $ 2. For the same prices of lamb and beef as above, the per unit, i.e.. the marginal cost, of producing one burgers is The marginal cost of one burger is MC 3. Suppose that Aidan operates his restaurant under perfect competition, which means that Aidan takes the price of a burger as given. The analysis from items (1) and (2) above implies that: Aidan's supply curve is at the price P 4. Aidan has hired an economist to help him in his business. The consultant told Aidan that he is making an unrealistic assumption in the way he is thinking about the problem: he should consider his budget constraint when taking the decision of how much to produce (as described by his supply curve). Specifically, the consultant told him that he