Answer the questions that follow based on the production function below, where daily costs of production are $50 to each worker. Complete as much of the table as you need to answer the questions and number each answer according to each question. (28 Points) Costs per Uni Cost of Cost of Average Average |Average Quantity Quantity Marginal Machines Workers Total Cost Fixed Variable Total Margin of Product (Fixed (Variable of Cost Cost Cost Cost Workers Machines Output of Labor Cost) Cost) Production (AFC) (AVC) (ATC) (MC) $45 650 $.08 $ 15 1400 145 00 0 03 107 0.07 2450 08 3700 245.00 4550 0 06 4750 345 00 10 01 07 a. This firm is not operating in the long-run. Briefly tell me why. (2 points) b. How much are fixed costs? (2 points) c. When is the firm depicted through this production function the least productive? (4 points) d. When is the firm depicted through this production function the most productive? (4 points) e. The marginal cost at 2450 units of output is: Make sure to round up to two decimals. (2 points) f. Which two variables in the table are essential to the understanding of the law of diminishing marginal returns? (6 points) g. If the firm represented by this production function was perfectly competitive, what price would it charge to reflect it operating in the long-run? Briefly state why for full credit. Make sure to round up to two decimals. (4 points) h. At what price would the firm represented here shut down? Briefly state why for full credit. Make sure to round up to two decimals. (4 points)