ECONOMIC

1) Table: Production Function for Soybwns Quantity Quantity of of labor (workers) soybeans (hushels) 0 0 1 25 2 45 3 60 4 70 5 75 Look at the table Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The variable cost of producing 45 bushels of soybeans is A)200 B)100 (3)350 D) 4500 2)An industry with production that generates external costs produces a quantity of output that is: A. smaller than the socially optimal quantity B. socially optimal if a specific subsidy is given to buyers 0. larger than the socially optimal quantity D. socially optimal 3) Table: Production Function for Soybeans Quantity Quantity of of labor (workers) soybeans (bushels) 0 0 1 25 2 45 3 60 4 70 5 75 Look at the table Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The fixed cost of producing 25 bushels of soybeans is A. $50 B. $150 C. $100 D. $250