Problem 1: lsoquarrts E: lsomsts [15 Pains] Suppose that there is a rm that produoes tables and the rm receives an order for 100 tables. The rm has two resource-s available to it. The rst is a [human] worker, who must be paid $15 for each hour they spend producing tables. The second is a robot, that costs $10 of inputs [including electricity and maintenance] for each hourit works. Tabla produoed by either method are identical and ofequiy'alent quality. Assume that me use of these two inputs is completely independent. This means that le number of hours of robot-work does not affect me productivity of the worker, and vise 1.I'ersa. The production of tables based upon the numbers of hours of each of the inpuLs used is given loelow. For example, 2 hours of robot time will produce 10 tables. 3" hours of worker time will produce 90 tables. 5. In the table aboye, ll in the MFR and MPW oolumns. MFR is me Marginal Product of the Ftobot. M PW is the Ma rginal Product of the Worker. Show your work. [3 poinE] 6. Do any ofthe inpu1s in this example exhibit diminishing returns to scale? If so, which and how do you lo'HJw? If not, how do you know? [1 points] Assume that the sale prioe of tables is always sufciemly high that it is protable to fulll this inntable order. The rm needs to make III! tables to fulll its order. Assume also that die rm is prot maximizing {8; therefore cost minimizing]. Ir'. 1.I'Il'hat combinations of robot and worlcer hours must theyI use to m inimize costs? Show your work. [Use the equation that m ust be true for cost minimization for full credit] [4 poinm] Now suppose that there is a major shortage of mechanics in the local economy, and the price of an hour of robot work increases [dramatically] from $11] to 550. B. 1.I'Il'hat does the principle of substitution say should happen to the rms use of {i} worker hours and [iii robot hours? Explain your answer. [2 points] Continue to assume that it will be protable to produce the 11]] tables and that the rm is prot-maximizing. 9. 1.I'u'ith this new price for robot hours, what is the new combination of robot and worker hours that will minimize the cost of prod ucing 1I1'II'_'I tables? Show I.I'our work. [Use the equation that must be true forcost minimization forfull credit] [4 points]