Question: QUESTION 1 This homework is based on the cost and production schedule of Lindsay's Farm. Table I provides information about the production function for Lindsay's

QUESTION 1 This homework is based on the cost and production schedule of Lindsay's Farm. Table I provides information about the production function for Lindsay's Farm, which uses labor and land to grow its crops. The price of labor is $50 per worker per week and the price of the land is $20 per acre. What is the marginal product of labor for Lindsay's Farm? Quantity of Land in acres (K) Quantity of Labor (L) Quantity of Produce (Q) Marginal Product of Labor (MPL) o O O O 8 170 190 QUESTION 2 This homework is based on the cost and production schedule of Lindsay's Farm. Table I provides information about the production function for Lindsay's Farm, which uses labor and land to grow its crops. The price of labor is $50 per worker per week and the price of the land is $20 per acre. Fill in the associated costs in the table below. Q Q Q Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Marginal Cost (MC) Jua ua ua nti nti nti ty ty ty of of of La La Pr nd bo od uc lac (L) er re KQ CK 10 0 0 10 1 50 10 2 10 10 3 14 10 4 17 10 5 19

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