1. The following table (TOP
TABLE, starts with Capital K) shows data for a simple production function.
a. From the information in the table, calculate marginal and average products.
b. Graph the three functions (put total product on one graph and marginal and
average products on another). c. For what range of output does this function
have diminishing marginal returns? d. At what output is average product maximized?
2. The following table (Table
starts with K)shows data for the simple production function used in
Question 1. Capital costs this firm $20 per unit, and labor costs $10 per
worker. a. From the information in the table, calculate total fixed cost (TFC),
Total variable cost (TVC), total cost (TC), average fixed cost (AFC), average
variable cost (AVC), average total cost (ATC), and marginal cost (MC). b. Graph
your results, putting TFC, TVC, and TC on one graph and AFC, AVC, ATC, and MC
on another. c. At what point is average total cost minimized? At what point is
average variable cost minimized?PLEASE SEE TABLE ATTACHED BELOW
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