Firm Measures: Productivity, Costs, Revenues, and Prots I 953's warhea- F\" Labor Total Product (TP) Fixed Cost (TFC) Variable Cost (TVC) Price 0 0 $800,000 $ 0 $80 1 8000 $800,000 $ 800,000 $80 2 30000 $800,000 $1,500,000 $80 3 45000 $800,000 $2,250,000 $80 4 56000 $800,000 $3,130,000 $80 5 60000 $800,000 $4,200,000 $80 6 63000 $800,000 $5,040,000 $80 Solve for marginal product (MP) in each row, except for where labor = 0. After which worker does the region of diminishing marginal returns begin? Specialization and division of labor are observed in which one of the three regions? Solve for total cost (TC) in each row. Solve for average variable cost (AVC) in each row, except for where labor = 0. Solve for marginal cost (MC) in each row, except for where labor = 0. Why are the MC and MP inversely related to one another? While it is because as one increases, the other decreases, please explain the meaning behind the inverse relationship that exists between worker productivity and cost, in general. Solve for total revenue (TR) in each row. Solve for marginal revenue (MR) in each row, except for where labor = 0. What is the prot maximizing total product, or quantity, for this rm? Provide the specic numerical value for TP. State in each row, except the rst where the labor is 0, whether this rm will choose to produce or shutdown. Using your responses from part k, state what prot or loss the fmn will earn at each quantity, except where labor is 0, stating how much they will earn if they shutdown if that is what you indicated they would do, or how much they would earn or lose if they decided to produce, if that is what you indicated they would do at the given TP level. Is this rm an example of pure competition or monopolistic competition? Explain