Profit-maximizing decisions based on costs A cotton farmer in West Tennessee is trying to decide how much cotton to produce. Suppose labor is the only variable input and cost of labor is $30 per hour. Price of cotton is $17.50 per bale. Production schedule - X (resource: input-labor hour) and Q (output-cotton) 1. Can you complete the cost table below? e TFC TVC TC ATC MC MR 0 0 $200 n/a 5 10 $200 10 25 $200 15 45 $200 20 55 $200 25 60 $200 2. Using the figures above, graph the ATC, MC, and MR on the following graph $50.00 $45.00 Text Predictions on V Accessibility: Investigate Paragraph 2. Using the figures above, graph the ATC, MC, and MR on the following graph $50.00 $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 0 10 50 60 20 30 40 Output (bails of cotton) 3. What is the profit-maximizing output level (based on the cost table)? 4. How much profit is associated with this profit-maximizing output level (based on the cost table)