c) The owner of a souvenir shop wanted to see if there is a relation between the sales of T-shirts and of the key-chains if he increases the price of T-shirts. He founds the below observations: Price of T-shirt in $ 6 7 Quantity of T-shirts 1600 800 Quantity of Key-chains 2000 3000 Calculate the proper elasticity and conclude for the type of relationship these goods have. Problem 3 Pick's is a small ice cream shop that sells in a university town. They own three ice-cream machines. The other inputs are a refrigerator, a mixer, cups, sprinkle toppings and of course workers. He estimates. He estimates that his daily production function when he varies the number of workers employed is as shown in the accompanying table: Marginal Product (MP) Quantity of Labor 0 1 2 3 4 5 6 Quantity of ice-cream 0 110 200 270 300 320 330 a) What are the fixed inputs and variable inputs (name them)? b) Draw the total product curve. Put the quantity of labor on the horizontal axis and the quantity of ice-cream on the vertical axis c) What is the marginal product of each additional worker? Fill in the table above. What can you notice and conclude (write the comment here)