Question 1 Suppose you have the following date on a variable input, nitrogen, measured in bags per hectare; and an output, maize yield, measured in kilograms per hectare. Nitrogen Maize yield Marginal Value of the Marginal Gross (bags (kg / hectare) Physical Marginal Factor Cost margin per hectare) Product (MPP) Product (VMP) hectare 50 2 120 170 210 240 260 270 26: 1.1 In your table, fill in the values for the Marginal Physical Product. Based on this, which of the following characterises the production function or parts thereof: IMR, CMR, DMR, and/or NMR ? 1.2 Apparently the price of the output , P,, is R1.5 /kg. In the table above , fill in the values for the VMP 1.3 Now, fill in the Marginal Factor Cost column, assuming that nitrogen costs R40 per bag. 1.4 What is the optimal number of bags of nitrogen to use per hectare? (Remember: you want to choose the input level such that the VMP is as close as possible to the MFC , but not less than it. ) 1.5 Confirm that this is the correct answer by calculating the gross margin per hectare in the right-hand column. 1.6 Suppose you have 20 hectares on which you pursue the exact same production plan as for the hectare implied in question 14/1.5 . What are your total revenues less your total variable input costs? 1.7 Suppose you have fixed costs of R1200. What is your total profit