es/26076/quizzes/61768/take At Allocate . Student Canvas UTS [ Homepage JUISU.. @ My Student Admin Chat GPT Youtube @ Facebook 9- D Question 5 10 pts Use the following information on a hypothetical short-run production function: The price of labour is $40 per day. Twenty units of capital are used each day, regardless of output level. The price of capital is $80 per unit. Units of Units of MP AP Labour/Day Output/Day TFC TVC TC AFC AVC ATC MC 1 300 2 330 3 390 4 430 5 450 You can fill the above table and use it in answering the following questions. Questions 1. Calculate the marginal product (MP) and average product (AP) of each unit of labour input. [2 marks] 2. Calculate total fixed cost (TFC), total variable cost (TVC), and total cost (TC) at each output level. [2 marks] 3. Calculate average fixed cost (AFC), average variable cost (AVC), and average total cost (ATC) at each output level. [2 marks] 4. Calculate marginal costs (MC) at each output level. The marginal cost (MC) intersects with the average total cost (ATC) at which point? The marginal cost (MC) intersects with the average variable cost (AVC) at which point? [2 marks] 5. State where diminishing marginal returns sets in. Justify your answer. [2 marks] asi