Use the Following to Answer Questions -(Table: Production Function for Soybeans)Use Table: Production Function for Soybeans

question 252

Multiple Choice

Use the following to answer questions : $$\begin{array}{l}\text { Table: Production Function for Soybeans }\\\begin{array} { l c } \begin{array} { l } \text { Quantity } \\\text { of Labour } \\\text { (workers) }\end{array} & \begin{array} { c } \text { Quantity of } \\\text { Soybeans (bushels) }\end{array} \\\hline 0 & 0 \\1 & 25 \\2 & 45 \\3 & 60 \\4 & 70 \\5 & 75\end{array}\end{array}$$
-(Table: Production Function for Soybeans) Use Table: Production Function for Soybeans.Assume that the fixed input,capital,is 10 hectares of land and a tractor,which have a combined cost of $150 per day.The cost of labour is $100 per worker per day.The variable cost of producing 45 kilograms of soybeans is:

• A) $100.
• B) $200.
• C) $350.
• D) $4 500.

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Definitions:

Tragedy of the Commons

The tragedy of the commons describes a situation in which individual users, acting independently according to their own self-interest, deplete or spoil shared resources, even as it is clear that it is not in anyone's long-term interest for this to happen.

Property Rights

Legal rights to possess, use, and dispose of land, buildings, or goods owned by an individual or entity.

Efficiency Savings

Denotes reductions in costs achieved through the optimization of resources and processes, leading to increased operational efficiency.

Fishing Costs

The expenses incurred in the process of catching fish, including equipment, fuel, and labor.