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Table 1. Output (unit) Input 1 ($) Input 2 ($) Input 3 ($) Input 4 ($) 10,000 50,000 20,000 70,000 10,000 20,000 60,000 40,000 70,000

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Table 1. Output (unit) Input 1 ($) Input 2 ($) Input 3 ($) Input 4 ($) 10,000 50,000 20,000 70,000 10,000 20,000 60,000 40,000 70,000 40,000 30,000 70,000 60,000 70,000 90,000 40,000 80,000 80,000 70,000 160,000 50,000 90,000 100,000 70,000 250,000 2. Table 1 shows the units of output and the costs of four inputs of a firm. The table reads, for instance, that the firm costs $50,000 on input 1, $20,000 on input 2, $70,000 on input 3, and $10,000 on input 4 to produce 10,000 units of output as shown on the second row. How many fixed and variable inputs are there on Table 1? a. One fixed and three variable inputs b. Two fixed and two variable inputs c. Three fixed and one variable inputs d. Four fixed and no variable inputs

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