Assume that a firm has a plant of fixed size and that it can vary its output only by varying the amount of labour it employs. The table below shows the relationships between the amount of labour employed and the output of the firm.

(a) Assume each unit of labour costs the firm $20. Compute the total cost of labour for each quantity of labour the firm might employ, and enter these figures in the table. Also compute marginal cost, average variable cost, average product, marginal product. Enter these figures in the table.

(b) Describe the relationship between the marginal product of labour and the marginal cost of the firm's product.

(c) Describe the relationship between the average product of labour and the average variable cost.

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