Define the terms "production" and "production function." Differentiate between the short run and the long run based on the usage of inputs by a firm.
61) Is it possible for an input to have a negative marginal product?
62) A bakery which produces 100 loaves of bread has a variable cost of $50 and a fixed cost of $200. Calculate the total cost, average total cost, average variable cost, and average fixed cost of the bakery.
63) The output of a bakery is 250 loaves of bread, when 10 workers are hired. If one more worker is hired, the total output increases to 275 loaves. Given that labor is the only variable input that the bakery uses, and the market wage rate is $10, calculate the marginal cost when employment is increased from 10 to 11 workers.
64) Differentiate between the terms "revenue" and "profit." Assume that a firm sells 20 units of a good at a price of $5 per unit. If the average total cost of the firm is $3 per unit, calculate the firm's profit.
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