Problem
Yolanda runs a bullfrog farm.When she employs 1 person, she produces 1,000 bullfrogs a week. When she hires a second worker, her total product doubles. Her total product doubles again when she hires a third worker. When she hires a fourth worker, her total product increases but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week to each worker she hires.
3. Construct Yolanda's marginal product and average product schedules. Over what range of workers does marginal returns increase?
4. Construct Yolanda's total variable cost and total cost schedules. What is Yolanda's total fixed cost?
5. At what output is Yolanda's average total cost at a minimum?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.