Question: 3. Bill in the gaps in the table below. QUANTITY MARGINAL AVERAGE OF VARIABLE PRODUCT TOTAL PRODUCT INPUT OF VARIABLE OF VARIABLE OUTPUT INPUT INPUT

3. Bill in the gaps in the table below. QUANTITY MARGINAL AVERAGE OF VARIABLE PRODUCT TOTAL PRODUCT INPUT OF VARIABLE OF VARIABLE OUTPUT INPUT INPUT 0 0 1 225 2 300 3 300 4 1140 5 225 6 225 4. A political campaign manager must decide whether to emphasize television advertisements or letters to potential voters in a reelection campaign. Describe the production function for campaign votes. How might information about this function (such as the shape of the isoquants) help the campaign manager to plan strategy? 5. For each of the following examples, draw a represen- tative isoquant. What can you say about the marginal rate of technical substitution in each case? a. A firm can hire only full-time employees to produce its output, or it can hire some combination of full- time and part-time employees. For each full-time worker let go, the firm must hire an increasing num- ber of temporary employees to maintain the same level of output
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