Draw diagram showing the marginal product of labor curve and the average product of labor curve for a typical business firm. Mark the specialization of labor regions and the diminishing marginal returns region. 2. Draw a diagram showing the marginal cost curve and average total cost curve for a typical business firm. Mark the specialization of labor region and the diminishing marginal returns region . 3. Fill in the blanks in the following table. Q FC VC TCMC 0 $50 $0$50 N / A 1 $50$20 2 $50 $80

1. Draw a diagram showing the marginal product of labor curve and the average product of labor curve for a typical business rm. Mark the specialization of labor regions and the diminishing marginal returns region. 2. Draw a diagram showing the marginal cost curve and average total cost curve for a typical business rm. Mark the specialization of labor region and the diminishing marginal return: region. 3. Fill in the blanks in the following table. Q FC vc TC MC 0 $50 $0 $50 N/A 1 $50 $20