1. Using the following production function, calculate and fill in Marginal and Average product. Marginal Average Labour Output Product Product 0 2 O W - C 3 4 12 5 17 20 22 OO 23 2. On a clearly labelled graph, graph average and marginal product. 3. On your graph, label the point of diminishing returns. Note: marginal product should be between the output levels (at X.5), average product belongs at the output level. 4. Using the above production function, fill in the following table. Remember that total fixed costs are fixed You can also assume that PER UNIT variable costs are constant Q TFC TVC TC MC AFC AVC ATC O 3000 CO VOULAWN - 14000 Note: ATC can be found by either TC/Q or AFC+AVC MC belongs between the output levels.\f