The Wage is 20 The land costs 100 The wheat sells for 10

The Wage is $ 20 The land costs $ 100 The wheat sells for $ 10 per unit marginal

1) What is the TOTAL PRODUCT with 4th workers ? # of workers product 1…………………70

2) What is the TOTAL PRODUCT with 7 workers ? 2………………..100 3………………...300

3) What is TOTAL REVENUE with 7 workers ? 4…………………100 5…………….…... 50

4) What is TOTAL COST with 6 workers ? 6………………….10 7………………… 2

5)What is TOTAL COST with 7 workers ?

Ans: a) The total product with 4 workers is 100 units.

b) The total product with 7 workers is 2 units

c) Total revenue with 7 workers = 2*10= $20

d) Total cost with 6 workers = 6*20 =$120