the questions that follow based on the production function below, where daily costs of production are $50 to each worker. Complete as much of the table as you need to answer the questions and number each answer according to each question. (28 Points) If you are tempted to google these answers, be forewarned that the answers online (illegally disseminated and violating copyright laws) were provided by students who, judging by the responses given, did less than stellar in this course. If you still want to proceed, know that you will have to paraphrase already "bad" responses in your own words and thus making it even easier for me to spot cheating. Cost of Cost of Average Costs Average Avera Quantity Quantity of Marginal Machin Product Workers Total Cost (Variable Fiind Variable Total Cost Cast Gasd ters Machines Output of Labo Cost Cast) Production (AFC) (AVC) (ATC) MC) D $45 50 $15 1400 145.00 900 07 0.07 2450 08 245 00 4550 0.06 4750 345.00 001 a. This firm is not operating in the long-run. Briefly tell me why. (2 points) b. How much are fixed costs? (2 points) c. When is the firm depicted through this production function the least productive? (4 points) d. When is the firm depicted through this production function the most productive? (4 points) e. The marginal cost at 4750 units of output is: Make sure to round up to two decimals. (2 points) f. Which two variables in the table are essential to the understanding of the law of diminishing marginal returns? (6 points) g. If the firm represented by this production function was perfectly competitive, what price would it charge to reflect it operating in the long-run? Make sure to round up to two decimals. (4 points) h. At what price would the firm represented here shut down? Make sure to round up to two decimals. (4 points)