Analysis of production level and costs

Analysis of production level and costs Part I. Complete the following table related to an example from the theory of production Part II. Evaluate the economic efficiency and balance of a company that has fixed costs of $ 80.00 calculating the marginal product and the average product. and variable costs as indicated in the table Number of Fixed Variable Total workers Total production Marginal product Medium product Average Average Average Marginal Total Fixed Variable Total Cost Cost Cost cost 0 0 production cost cost cost (FAC) (VAC) (TAC) (MC 1 30 64 1 50 3 102 2 100 4 130 135 5 148 6 160 165 166 200 164 240 a. Prepare two computer graphs: in the first graph it represents the total production, in the other graph it 7 285 represents the marginal production and average production. Explain in detail the relationship between each pair of curves. 8 340 b. Explain in detail each of the three observed levels of marginal product. 9 405 c. What influence does the law of diminishing returns have on short-run costs of production? Explain. 10 480 a. After completing the table, prepare a graph to represent the total fixed cost, the total variable cost, and the total cost of the business. Explain how the law of diminishing returns influences the shapes of the variable cost and total cost curves. b. Produces a chart for FAC, VAC, TAC, and MC. Explain how it is calculated, the shape of each of these four curves, and the relationships between them. c. Explain how the location of each curve on the graph would be altered if the total fixed cost changed to $ 110.00 instead of $ 80.00