(Table: Production Function for Soybeans) The table shows a production function for soybeans.Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of
$150 per day.The cost of labor is $100 per worker per day.The variable cost of producing 45 bushels of soybeans is:
A)$100
B)$200
C)$350
D)$4500

Question

Quizplus · Accepted Answer

The variable cost is the cost of labor needed to produce 45 bushels. If 2 workers are needed, the cost is 2 workers x $100 = $200.

(Table: Production Function for Soybeans) the Table Shows a Production