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Question 1 (1 point) A local snow cone business sells snow cones in one size for $5. It has the following cost and output structure per hour Total Revenue Total Profit Marginal Cost Marginal Revenue Output (cones per Total Cost (per hour) hour) 0 30 10 75 20 105 30 125 35 145 140 170 145 50 250 200 To maximize profit, the firm should produce how many snow cones per hour? 0 25 O 30 35 40 Question 2 (1 point) A putra business has the cost structure described in the following table. The firm's fixed costs are $20 per day 7 8 9 10 11 Output (pizzas Total cost of per day) output (fixed variable) 0 $20 IS $80 110 $120 15 $150 20 $175 25 $195 30 $210 35 $230 40 $235 What are the firm's marginal costs (MC) at an output of 35 pezas? $0.57 $4.00 $9.20 $230.00 -- *** -- 4 -- Question 3 (1 point) The following table shows a short run production function for laptop computers. Use the data to determine where diminishing product begins -- Number of Total output of workers laptop computers 0 0 10 11 1 SO 2 120 3 200 260 310 325 320 310 Diminishing product begins after you hire worker number 5. 5 6 IA Question 4 (1 point) 8 9 The local ice cream shop is trying to figure out how many workers to hire and part of the decision will be based on the marginal product of labor. The following table shows a short run production function for quantity of ice cream tubs produced Diminishing marginal returns begins after hiring which worker? 10 11 Workers hired 1 12 3 Quantity of ice cream tubs produced 110 200 270 300 320 330 300 second fourth sixth . seventh Page 1: What is the profit maximizing output? 1 2 3 Output Price Total Revenue Total Profit Marginal Revenue 4 5 6 $16 : Total Cos Marginal Cost 100 150 175 205 085 390 10 15 20 25 30 7 9 $480 10 11 O 15 O 20 O 25 30