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Complete the question with the correct answer and briefly explain your reasonings. Table with columns attached BELOW the question Q3 (5 points) Consider the following
Complete the question with the correct answer and briefly explain your reasonings.
Table with columns attached BELOW the question
Q3 (5 points) Consider the following table which describes how a firm uses variable labour input to produce output in the short- run. Suppose each worker is paid $90 and each piece of capital is rented for $41. The firms is currently using 2 units of capital. L q 0 0 12 2 36 82 4 136 5 197 6 279 7 356 8 401 9 429 If you would find it helpful to fill out the table by hand, you can download the PDF linked below, which includes additional empty columns for you to use when computing your answers. Round answers to two decimal places, if necessary. Hint: it is not required for you to complete every blank or even every column to answer the questions belowi Recall what the TAs covered with you in tutorials. Part (a): What level of output should the firm produce at if their goal is to minimize their average variable cost? Part (b): Which level of output should the firm produce at if their goal is to minimize their marginal cost? Part (c): What level of output should the firm produce at if their goal is to minimize their average total cost? Table with columns. pdfStep by Step Solution
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