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{"ops":[{"insert":"Suppose that the output sells for $5 and the input sells for $4. Fill in the blanks in the following table.\nx(input). y(output). vmp. avp\n0 0.\u00a0\u00a0___ ___\n10. 50 ___ ___\n25 75 ___. ___\n40 80 ___ ___\n50. 85 ___. ___\n2. In Problem 1, what appears to be the profit-maximizing level of input use? Verify this by calculating TVP and TFC for each level of input use as shown in the table.\n3. Suppose that the production function is given by y = 2x0.5\nThe price of x is $3 and the price of y is $4. Derive the corresponding VMP and AVP functions. What is MFC? Solve for the profit-maximizing level for input use x.\n4. When the input price is constant, the slope of the total factor cost function will also be constant. Is this statement true or false? Explain.\n"}]}
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