Question 2 Suppose you have the following data on a variable input, NPK fertiliser, measured in bags per hectare; and an output, soybean yield, measured in kilograms per hectare. NPK I yield Marginal Physical Value of the Marginal Factor (bags /hectare) (kg/hectare) Product (MPP) Marginal Product Cost (VMP) 100 200 265 365 415 435 2.1 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? 2.2 Suppose the price of soybeans (Rand per kg ) is 2. Fill in the VMP column ? (What is the formula for VMP?) 2.3 Then, fill in the Marginal Factor Cost column, assuming that NPK costs R90 per bag. 2.4 By means of comparing the VMP to the MFC, state the optimal number of bags of NPK per hectare to use 2.5 At this optimal level of fertiliser use, what are your variable costs per hectare? 2.6 And what are your revenues per hectare? 2.7 What is your net revenue per hectare? 2.8 Suppose you have 100 hectares; what are your total revenues less your total variable input costs, ie your (total) gross margin? 2.9 Suppose that fixed costs for this production season amounted to R10 000. Now what is your profit? 2.10 Now re-do 2.3 through 2.9 , twice , first assuming that a bag of fertiliser costs R120 , and then assuming that it costs R45