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Widget Company produces Widgets. During its first year of operations, the company produced 10,000 widgets. The company's cost information includes the following: Direct materials $3.00

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Widget Company produces Widgets. During its first year of operations, the company produced 10,000 widgets. The company's cost information includes the following: Direct materials $3.00 per widget Direct labor $4.00 per widget Variable manufacturing overhead $2.00 per widget Variable selling and administrative $3.00 per widget expenses Fixed manufacturing overhead $14,000 per year Fixed selling and administrative $18,000 per year expenses If widgets sell for $20 each, how many widgets must Widget company sell to break even? Numeric Response b. What are the firm's fixed costs? $ c. What is the variable cost of producing 475 units of output (use least-cost)? $ d. How many units of the variable input should be used to maximize profits? e. What are the maximum profits this firm can earn? f. Over what range of the variable input usage do increasing marginal returns exist? From 3 to g. Over what range of the variable input usage do decreasing marginal returns exist? From to h. Over what range of input usage do negative marginal returns exist? From to

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