Costs of Production Activity 1. a. Fill in the Marginal Product of Labor Column. Marginal Product: Difference in Total Product/Difference in Labor Total Product Marginal Product 0 'l 5 47 73 95 1 O2 86 b. The firm encounters increasing returns to labor over the first two units of labor. 0. Diminishing returns start with the third worker. d. Negative Returns start with the worker. 2. Given the graphs below, label the portion of the graph showing increasing returns, diminishing returns, and negative returns. 2. Given the graphs below, label the portion of the graph showing increasing returns, diminishing returns, and negative returns. 10 go no as 7 . a 35 2. E 2: '2 E 1 E 012345075910 Labor or Input Quantity \"b" MP 3. Fill in the columns of the table. Output Fixed Variable Total Average Average Average Marginal (Q) Cost Cost Cost Fixed Variable Total Cost (FC) (VC) (TC) Cost Cost Cost (MC) (AFC) (AVC) (ATC) FC + VC = Average Costs = Cost/Q -ATC/AQ TC 0 $150 $ 0 $ 70 + N $ 95 $ 110 4 $ 165 5 $ 230 6 $ 300 + K4. Fill in the columns of the table. Output FC VC TC AFC AVC ATC MC (Q) 0 $ 400 2 $965 $1,350 $2,430 4 $475 $2,500 $216 6 $700 7 $5230 $950