Ch 6 Production and Costs Table 6.16 Table 6.17 TP MP AP Fill in the a Assuming that marginal and L TP TVC AVC MC 200 each worker costs average product of 200 600 labour columns in $160 a day (for 2 600 9010 Table 6.16. wages and materials). Fill in 1000 On the graph in A 1000 Table 6.17. 1040 Figure 6.13, draw 1040 the two curves MP b) On the graph in and AP Figure 6.14, draw the average variable and 300 0/50 .marginal cost curves. Prod 200 0.4 10 0.20 1000 1200 Quantity of labour Quantity of output 800 Looking back at figure 6.13, determine how many workers are used to achieve maximum AP. From Table 6.17, what output can this number of workers produce? Now, from Figure 6.14, which cost has the minimum value at the output level you have as your answer in f)? Return to Figure 6.13, and this time, determine how many workers are used to achieve maximum marginal product. From Table 6.17, what output can this number of workers produce? Looking at Figure 6.14 again, and determine which cost has the minimum value the output level you have as your answer in i). What conclusion can you make from your answer in e) through j)