2.The marginal product of labor schedule for a firm is given below for alternative levels of labor. Calculate the total product schedule, Q, for each level of labor employed.Also calculate the average product schedule, AP_L.

a.Produce a graph of the production function.ie.a graph of Q on the vertical axis and L on the horizontal axis.Identify on your graph where diminishing returns to labor set in.

b.Produce a graph of the marginal product and average product schedules.Put AP_L and MP_L on the vertical axis and L on the horizontal axis.

c.Calculate the MC schedule for the firm if the firm faces a price of labor (the wage) of w=$First and w=$(First+Last), where First=# of the letter corresponding to your first name and Last=# of the letter corresponding to your last name.For instance, B=2, so the wage, w, for the TVC (w=First) column is w=$2.That is, the producer has to pay a wage of $2 per unit of labor.Produce a graph of the two MC schedules as a function of Q. (graph MC on the vertical axis and Q on the horizontal axis for each w. Use the xy graph. The two marginal cost curves should be on the same graph.) MP_L=marginal product of labor.(I am providing the columns for TVC because you will use it to calculate MC).

Labor MPL Q=output APL TVC TVC (w=First+Last) MC MC (w=First) (w=First ) (w=First+Last) 0 XX 0 X X X 15 2 19 21 4 17 15 6 13 7 11 9 9 7 10 5