YouTube Maps 8&back=DoAssignments.aspx Fundamentals of Agricultural and Applied Economics Homework: Chapter 7 Homework jacob randazzo Question 13, Text Problem 3.1 Part 5 of 6 HW Score: 84.34%, 70 of 83 points Points: 8 of 16 F Graph total cost of production as a function of output. 1.) Using the multipoint curved line drawing tool, graph total cost of production as a function of output Put cost on the y-axis and output, q, on the x-axis. Label your line 'Total Cost' Again assume that the optimal technology is used. Note Carefully follow the instructions above and only draw the required object total cost Total cost ($) Now assume the price of labor (P ) is $1 and the price of capital (PK) is $3 Calculate the total cost of production for each of the five levels of output using the optimal (least-cost) technology at each level To do this, complete the table below by calculating the total cost of production, filling in the missing values using the optimal (least-cost) technology at each level. (Enter your responses as whole numbers ) Q=1 Q=2 Q= 3 Q =4 Q=5 Total Cost $ 6 $ 11 $ 20 $ 27 $ 36 Total output (Q) How many labor hours (units of labor) would be employed at each level of output? How many machine hours (units of capital)? To answer this, complete the table below for the units of labor and units of capital that would be used to produce each level of output ( Enter your responses as whole numbers. ) Q =1 Q = 2 Q = 3 Q = 4 Q = 5 Clear all Check ans Etext pages Grapher 4/5