Answer the questions that follow based on the production function below. The daily costs of production are $50 to each worker hired and $15 per machine leased. Complete as much of the table as you need to answer the questions and number each answer according to each question. (28 Points) Costs per Unit Cost of |Cost of Average Average Average Quantity| Quantity Marginal Machines Workers| Total Cost Fixed Variable Total Marginal of of Product (Fixed (Variable of Cost Cost Cost Cost Workers Machines Output of Labor Cost Cost) Production (AFC (AVC) (ATC (MC) 0 3 0 $0 1 3 650 $0.08 $0. 15 2 1400 145.00 0.03 0.07 0.0 3 3 2450 0.08 4 3 3700 245.00 3 4550 0.06 4750 345.00 0.01 0.07 a. This firm is not operating in the long-run. Briefly tell me why. (2 points) b. When is the firm depicted through this production function most productive? (4 points) c. When is the firm depicted through this production function the least productive? (4 points) d. Fixed costs at 0 units of output are: (2 points) e. The marginal cost at 4750 units of output is: Make sure to round up to two decimals. (2 points) f. Which two variables in the table are essential to the understanding of the law of diminishing marginal returns? (6 points) g. If the firm represented by this production function was perfectly competitive, what price would it charge to reflect it operating in the long-run? Make sure to round up to two decimals. (4 points) h. At what price would the firm represented here shut down? Make sure to round up to two decimals (4 points)