4. Between 30 and 35 units of imput, each additional unit of imput: a) Increases income by $ b) Increases cost by \{ c) Increases profit by \$ 5. If the imput price was $1.00 instead of $2.00, which column(s) in the table would have different values? MIC and TIC 6. What is the profit-maximizing input level if the output price increases to $5.00 each and imput price is still $2.00 ? Ans. 7. Now assume the input is free, (i.e, you can have all you want at no cost). a) What is the marginal input cost in this situation? Ans. II. DETERMINING OPTIMAL FEED USE Feed-gain relationships for hogs in confinement are reported in the table below. (All other inputs held constant). Complete the table and answer the questions below. Assume feed costs $9.45 per 100 th wit and hoos sell for $63 ner out ($.63/lh ) 1. What is the profit-maximizing amount of feed to use? units When feed costs $13 per 100Ib.? units 3. Now assume a farmer can acquire any amount of feed at no cost. a) How much feed should be used under these conditions? units b) What is the marginal input cost of feed under these conditions? Choosing Production Levels: Chap 7 Lab 5 Due: 10/24/2023 The table below shows the relationships between different levels of a variable input and the corresponding output with all other inputs held constant. Complete the table and answer the questions that follow. Assume the variable input costs $2.00 each and the output sells for $3.00 each. 1. What is the profit-maximizing amount of input to use? 2. What is the profit at this input level? (Show Work) Ans. Ans. 3. What is the profit if 15 units of input are used? (Show monk) Ans. 4. Between 30 and 35 units of imput, each additional unit of imput: a) Increases income by $ b) Increases cost by \{ c) Increases profit by \$ 5. If the imput price was $1.00 instead of $2.00, which column(s) in the table would have different values? MIC and TIC 6. What is the profit-maximizing input level if the output price increases to $5.00 each and imput price is still $2.00 ? Ans. 7. Now assume the input is free, (i.e, you can have all you want at no cost). a) What is the marginal input cost in this situation? Ans. II. DETERMINING OPTIMAL FEED USE Feed-gain relationships for hogs in confinement are reported in the table below. (All other inputs held constant). Complete the table and answer the questions below. Assume feed costs $9.45 per 100 th wit and hoos sell for $63 ner out ($.63/lh ) 1. What is the profit-maximizing amount of feed to use? units When feed costs $13 per 100Ib.? units 3. Now assume a farmer can acquire any amount of feed at no cost. a) How much feed should be used under these conditions? units b) What is the marginal input cost of feed under these conditions? Choosing Production Levels: Chap 7 Lab 5 Due: 10/24/2023 The table below shows the relationships between different levels of a variable input and the corresponding output with all other inputs held constant. Complete the table and answer the questions that follow. Assume the variable input costs $2.00 each and the output sells for $3.00 each. 1. What is the profit-maximizing amount of input to use? 2. What is the profit at this input level? (Show Work) Ans. Ans. 3. What is the profit if 15 units of input are used? (Show monk) Ans