2. (15 points) Fill (solve) in the blanks in the accompanying table and answer the following questions: Note the standard notations we use: MPL= marginal product of labor; APL= average product of labor; TVC= total variable cost; AVC= average variable cost ;TFC= total fixed cost; TC= total cost; ATC= average total cost; and MC= marginal cost Show sample calculations. Answer the following questions - you can simply encircle/highlight/underline the answer in some of the questions. Note that you should be able to answer most of them without having to look at the numbers you calculated above - you can simply use the relationships we derived and discussed in the module among these various production & costs concepts. The numbers you calculated above should simply confirm these relationships. a. What happens to TPL when the MPL is negative? Increasing or decreasing? b. What happens to the APL when the MPL is greater than APL ? Increasing or decreasing? c. What happens to the APL when the MPL is less than APL ? Increasing or decreasing? d. After which level of output (Q) and number of workers (L) does diminishing returns set in? e. At what point does MC begin to increase? Identify at what level of L. f. Summarize in 1 sentence the relationship between MPL and MC. g. What happens to MC when TP begins to fall? Increasing or decreasing? h. When does AVC equal MC? At what level of AVC? i. MC=AVC between what levels of output? Identify Q. j. When does ATC equal MC? At what level of ATC? k. MC=ATC between what levels of output? Identify Q 1. Summarize in 1 sentence the relationship between AVC and MC and between ATC and MC