Listed below is information on production for a firm that produces wheat.

Listed below is information on production for a firm that produces wheat.

Listed below is information on production for a firm that produces wheat. They can vary the number of workers. The land they use is fixed at one acre.
The Wage is $ 20 The land costs $ 100 The wheat sells for $ 10 per unit
1) With 3 workers TOTAL PRODUCT is equal to ? # of workers Marginal product
1…………………70
2) With 5 workers TOTAL PRODUCT is equal to? 2………………..100
3………………… 80
3) With 4 workers TOTAL COST is equal to ? 4………………….50
5…………….…… 20
4) With 6 workers TOTAL REVENUE equal to? 6………………..….2
7……………………1
5)With 7 workers, TOTAL REVENUE is equal to ?
6) If all these workers have the same skill level, why does
worker 5 have a smaller MPL than worker 4 ?
7) How many workers should this firm hire to maximize its profits ?
8) If this firm does hire the number of workers you answered for question (7),
they will have TOTAL PROFITS equal to ?
9) If all these workers have the same level of skill, why does
worker 2 have a LARGER marginal product than worker 1 ?
10) What is the amount of TOTAL FIXED costs for this firm and for all firms in the SHORT run.?

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