Table: Labor and Output

Quantity of Labor

(workers)Quantity of soybeans

(bushels)00125245360470575

Reference: Ref 11-10 Table: Production Function for Soybeans

(Table: Production Function for Soybeans) Use 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 total cost of producing 70 bushels of soybeans is:

Select one:

a.$400.

b.$250.

c.$550.

d.$1,024.