30 165 70 400 35 175 70 400 b) When marginal product is greater than average product, average product is (increasing constant decreasing) as more input is used When marginal product is less than average product, average product is increasing constant decreasing) as more input is used c) Marginal product increases until after the unit of input is added, at which point it decreases. The marginal cost decreases until after the unit of the input is added, at which point it increases d) Marginal cost and average variable cost are nearly equal when is smallest. In the table, the corresponding total product is unitsProduction and Costs Extra Credit Worksheet ECON 202 la) Complete the table below, calculating marginal product, average product, total variable cost, average variable cost, total cost, average total cost, and marginal cost to two decimal places (hundredths or cents) "*Think about how you can calculate the total variable cost for column (6). You have the number of variable inputs that the firm is using and the price of the variable input. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Units of Total Marginal Average Price of Total Average Total Total Average Marginal Variable Product Product Product Variable Variable Variable Fixed Cost Total Cost Input Input Cost Cost Cost Cost 0 0 70 0 400 5 25 70 400 10 70 70 400 15 70 400 20 130 70 400 25 150 70 400 30 165 70 400 35 175 70 4002) In the following table, supply the missing numbers, All amounts are in dollars. Quantity Total Total Total Average Average Average Marginal Fixed Variable Costs Fixed Variable Total Costs Costs Costs Costs Costs Costs 3 51 132 15 7 10 20 26 10 200 Explain how a change in the firm's fixed costs affects total costs, average total costs, and marginal costs of production. (Hint: Try doubling the fixed costs and re-computing total costs, average total costs, and marginal costs.)