# A firmâs product sells for \$4 per unit in a highly competitive market. The firm produces output using

A firmâs product sells for \$4 per unit in a highly competitive market. The firm produces output using capital (which it rents at \$25 per hour) and labor (which is paid a wage of \$30 per hour under a contract for 20 hours of labor services). Complete the following table and use that information to answer the questions that follow.Instruction: Round your answers for Average Product of Capital and Average Product of Labor to 2 decimal places.K L Q MPK APK APL VMPK0 20 01 20 502 20 1503 20 3004 20 4005 20 4506 20 4757 20 4758 20 4509 20 40010 20 30011 20 150a. Identify the fixed and variable inputs.Capital and labor are variable inputs.Labor is the fixed input and capital is the variable input.Capital and labor are fixed inputs.Capital is the fixed input and labor is the variable input.b. What are the firm’s fixed costs?\$c. What is the variable cost of producing 475 units of output?\$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 tog. Over what range of the variable input usage do decreasing marginal returns exist?From toh. Over what range of input usage do negative marignal returns exist?

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.