Problem 1. FINDING THE PROFIT-MAXIMIZING POINT (MVP=MIC) 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 $4.00 each and the output sells for $5.00 each. There are no other costs of production. 2. Input Output 0 0 10 20 20 44 30 60 40 74 86 96 104 110 100 3. 8888 50 60 70 80 90 Total Total Input Revenue Cost SO $0 $100 $40 1. What is the profit-maximizing amount of input to use? Pick the point where MVP = MIC! Average Marginal Marginal Physical Physical Value Product Product Product XXXX XXXX XXXX XXXX 2.00 2.00 $10.00 $4.00 What is the profit at this input level? (Show Work) (Assume no other input costs other than this one.) Marginal Input Cost Ans. Ans. If the input price was $6.00 instead of $4.00, which column(s) in the table would have different values?