E3 (a) Assume that the cost of fertilizer is $0.95/1b, there are 25 lbs/level, and the price per bushel is$4.75. Complete the following table (you can either print it out or copy the table to your ownpaper):Input LevelN (lbs) Yield TPP APP MPP0275134040045048049049549549012345678(b) Using the same information from above, calculate the MR, MC, MVP, and MIC.1Input Level MPPMRMCMVPMIC10145678(c) What is the optimal amount of fertilizer to use? Explain how you got that number.

The term "optimum use" can be described as the most effective and efficient way of utilizing the…

Answered: $4.75. Complete the following table…

$4.75. Complete the following table (you can either print it out or copy the table to you paper): Input Level N (lbs) Yield TPP APP MPP 275 340 400 10 1 4 450 480

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

(a) Assume that the cost of fertilizer is $0.95/1b, there are 25 lbs/level, and the price per bushel is
$4.75. Complete the following table (you can either print it out or copy the table to your own
paper):
Input LevelN (lbs) Yield TPP APP MPP
0
275
1
340
400
450
480
490
495
495
490
12345678
(b) Using the same information from above, calculate the MR, MC, MVP, and MIC.
1
Input Level MPPMRMCMVPMIC
10
14
5
6
7
8
(c) What is the optimal amount of fertilizer to use? Explain how you got that number.

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Step 1: Define optimum use

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Step 2: Determine N, TPP, APP, MPP

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Step 3: Calculate MPP, MR, MC, MIC

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Step 4: Determine the optimal use of fertilizer

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