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Assume that fixed costs are $50, labor is the only variable input and its costs are reflected completely in the costs below. Complete the table

Assume that fixed costs are $50, labor is the only variable input and its costs are reflected completely in the costs below.

  1. Complete the table
  2. Graph AFC, AVC, ATC, and MC
  3. Explain how increasing returns and decreasing returns are depicted in your graph
  4. If the labor input increased by $10 at every unit of production, what would be the effect on your graphs?


Total ProductTotal Fixed CostTotal variable costTotal CostAverage fixed costAverage variable costAverage Total CostMarginal Cost
0
0




1
25




2
45




3
60




4
70




5
85




6
105




7
135




8
180




9
240




10
315











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