1. Fill in the table below Capital Labor Output Average Marginal Total Total Total Average Average Average Marginal (K) (L) (Q) Product Product Variable Fixed Cost Variable Fixed Total Cost (AP) (MP) Cost Cost (TC) Cost Cost Cost (MC) (TVC) (TFC) (AVC) (AFC) (ATC) 5 0 0 5 2 70 5 2 5 100 16 5 3 10 220 5 5 4 18 5 5 23 200 un 6 26 340 5 7 28 40 5 8 29 320 a) Is the firm operating in the long-run or the short-run? How do you know? b) Over what range of output are there gains to specialization? c) At what level of output does diminishing marginal returns set in? d) At what level of output is the firm producing at efficient scale