Question 7 Suppose that a firm's production function is given by Q = Not yet 3L 0.5 0.5 answered Marked out of Determine the percentage increase in output if labor input is 1.00 increased by 10 percent (assuming that capital input is held Flag constant). question O a. 5% O b. 7% O c. 6% O d. 8%Question 6 Consider the following information: Not yet answered TC = 20 + 5Q + Q2 Marked out of Q = 25 - P 1.00 Where TC is total cost, Q is the total product and P is price. What Flag is the correct expression for total profit? question O a. 20Q - 2Q2 - 20 O b. 20Q + 5Q2 +20 O C. Q + 2Q2 + 20 O d. 20 - 2Q2 - QQuestion 5 The following question is based on the production function Not yet Q=80L 0.7K0.3 where the cost of labour is $6 and the cost of answered capital is $4. The total cost of production is $120. Marked out of 1.00 What is the level of output, given the optimal level of labour and capital? Flag question Select one: O a. 1000 O b. 981 O c. 451 O d. 500