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- (40 marks) Coffee World has the following cost schedule for the production of coffees per day. Each labor can be hired for BDT 25 and the fixed input costs 1. BDT 25. Quantity of Capital Quantity of Output Quantity of Labor 4 10 3 3. 13 3 4 15 3 5 16 a) "The above production schedule shows that the firm is producing in the long run because quantity of labor can be changed." Explain why this statement is false. b) "In production, short run is a smaller period than the long run, for example, if the long run is 12 months then the short run should be less than 12 months". State why this statement is incorrect. c) Calculate marginal product of labor, fixed costs, variable costs, average fixed costs, average variable costs, average total costs and marginal costs, for all quantities, in a table. d) Sketch a typical LRATC and show all the important areas and points on it and show where the firm should produce.List out the major factors of production (input factors used) in a cement factory.Fill in the missing data to solve this problem. Variable Total Average MarginalInput Product Product Product4 ? 70 ----5 ? ? 406 350 ? ? What is the total product for 5 units of input, and what is the marginal product for 6 units of input?
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- From your knowledge of the relationships among the various production functions, complete the following table: Variable Input L Total Product QQ Average Product APLAPL Marginal Product MPLMPL 0 0 1 10 2 20 3 13.33 4 30 5 16.00 6 80 7 -10What is the slope of an iso-cost line equal to and why? Provide mathematical explanationAssume soybeans are produced by a perfectly competitive, constant-cost industry. Fresh Farm is a typical firm producing soybeans and is currently operating with an economic loss. a. Using a correctly labeled graph for Fresh Farm, show each of the following in the short run. i. The marginal cost curve and average total cost, labeled MC and ATC, respectively ii. Fresh Farm's price and loss-minimizing quantity, labeled PF and QF, respectively iii. The average variable cost curve, labeled AVC b. Suppose that newspapers have recently reported that excessive soybean consumption can cause health problems. As a result, will the new loss-minimizing quantity for Fresh Farm be greater than, less than, or equal to QF in the short run? Explain. c. Is the long-run market supply for soybeans perfectly inelastic, relatively inelastic, unit elastic, relatively elastic, or perfectly elastic? d. Assume now that the soybean market is in a long-run equilibrium and that fertilizers used in soybean…