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Exercise 7: Firm Behavior and Production Theory (1) Measuring Productivity. Complete this table. Table 5-1 The Production Function (5) (5) AL T = MP = AP Fixed Variable Change Output Marginal Average Inpu Input Product Product (Capital) Labor Labor of Labor of Labor Given [Given] [4 (2)1 [Given] [A (4VA(2) 14)(2) 76 248 172 124 492 244 164 784 292 196 1,100 1,416 N N N N N N N N N N 1,708 1,952 2,124 2,200 2,156 (2) Profit Maximizing Inputs. How many employees should you hire? Table 5-2 The Value Marginal Product of Labor (4) 15 = MP, AL VMP, = P x MP, Marginal Variable Price Product Value Marginal Unit Cost Input of of Labor Product of of Labor Output Column 5 of Labor Labor [Given] [Given] Table 5-1) [(2) x (3)1 (Given] $400 76 $728 400 172 516 400 244 732 400 292 376 400 316 948 400 316 948 400 292 876 400 244 732 400 172 516 400 76 228 400 -14 -132 400Exercise 7: Firm Behavior and Production Theory (3) Calculations with Production Functions. Estimate of the firm's output given a = 3, b = 4, at when 2 units of labor and 5 units of capital are employed for each of the three production functions: a. Linear production function b. Leontief production function c. Cobb-Douglas production function (4) Calculating Costs. Complete Tables 5.3 and 5.4. Table 5-3 The Cost Function (4) FC VC TC Variable Output Fixed Variable Total Input Cost Cast Cast [Given] Given (Given] ($1,000 x (1)] [$400 x (2)] (4)+ (5)] $2,000 $2,000 76 2,000 400 2,400 248 2,000 800 2,800 2,000 1.200 3,200 784 1, 104 1,416 1,708 1,952 2.124 2,200 Table 5-4 Derivation of Average Costs (3) 15) FC TC AFC AVC ATC Output Variable Total Average Average Average Cost Cost Cost Fixed Variable Total Cost Cost Cost [Given Given [Given] 0 $2.000 $ 0 $2,000 76 2,000 400 2,400 $26.32 $5 26 $31.58 248 2,000 2.800 323 11.29 492 2,000 1,200 3,200 4.07 244 6.50 784 2,000 1,600 3.600 2.55 204 4.59 1.100 2.000 2.000 1,000 1.82 1.82 3.64 1.416 2,000 2400 1,400 1.708 2,000 2,800 4,800 1.952 2,000 3.200 5.200 2.124 2.000 3,600 5,600 2.200 2,000 4,000 6,000