My next company is the production of basil. For that I have rented 10 acre (myfi

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My next company is the production of basil. For that I have rented 10 acre (myfixed input) and I need labor to plant, care for the plants and harvest. The rent for the field is $30000 and labor costs me $4000 per worker for the season. Output is measured in trash bags full of basil. Assume there are no other costs associated with the production of basil (it rains enough, we don't use pesticides and I have tons of seeds from last year- forget the implicit cost of using my own seeds) Fill in the missing values in the table below. For how many workers is the average variable cost minimized? What can you immediately conclude from that? For which number of workers is the marginal cost minimized? what can you immediately conclude form that? How many workers should you hire if you can sell a trash bag of basil for $60? For how many workers is your output maximized? for how many workers is your output/worker maximized? For which range of workers do you experience gains from specialization and division of labor? For which range of workers do you experience diminishing marginal returns labor? What is the difference between the ATC and the AVC? Where is the AFC minimized and why?

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