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A firm faces the daily production schedule outlined below. Table: Firm Production Schedule with Costs Total Fixed Variable | Total Marginal Average Average Average Fixed

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A firm faces the daily production schedule outlined below. Table: Firm Production Schedule with Costs Total Fixed Variable | Total Marginal Average Average Average Fixed Variable Product Marginal Cost Cost Cost Cost Total Cost Fixed Cost Variable Cost Input Input (9) Product (FC) (VC) (TC (MC) (AC) (AFC) AVC 3 The firm uses 4 units of capital (the Fixed Input), and the rent on capital is $100 per unit per day. The firm must hire between 1 to 5 units of labor (the Variable Input), and the cost of labor is $20 per worker per day. Depending on how much labor the firm hires, output (Total Product) is one of the following: q1= 1 42= 2 93=4 94= 8 95= 10 How many units of capital are used when 3 units of labor are used

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