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Instructions: Work out your answers in Excel and then paste them into a Word document. Present your answers in a coherent and logical way (rst part (a), then (b), etc.). Answers without proof of steps lose half of the points for that question (if the question requires only a diagram, then half the points. If the answer requires more things, depends on the number of things required). Each student is to turn its own unique homework. The idea is for each student to do its own homework without help from others (although students can use notes, textbook, etc.). Since each person is doing their own homework, no two homeworks should present identical output. If that happens with 2 or more homeoworks, there will be a penalty for each students presenting the same output. The le is supposed to be in Word or in PDF format. A rm uses 2 inputs in order to sell some service: it uses labor (number of workers) and machines (capital). The following table displays the short run production function of this rm, where capital is xed at K = 16 units. The following table shows the production technology of this rm in the short rim (given K=16). Workers Output 0 200 283 346 400 447 490 529 566 600 632 HmmqmmthInc: D a) [35F] ln excel, compute the marginal product of labor (MPL) of each additional worker and the average product of labor (APL). Then produce a graph for each of them (A scatterplot of MPL vs labor and APL vs labor, see chapter 5) . Instructions in excel about how to produce the scatterplot have been discussed in clam. Once your graph is ready, copy and paste (i) your data and (ii) your graph into your Word le. b) [35F] Assume that the wage paid to a worker is MOO/day and the daily rental value of the capital is $5 per unit of capital. In Excel, for each level of output construct xed cost, variable cost, total cost, marginal cost, average xed cost, average variable cost and average cost (See examples done in class). Then (i) paste your information below in the form of a table and (ii) present the scatterplot (produced in exoel) of each of these cost concepts in a single graph. c) [30F] If the price at which the widgets can be sold is $2 per unit, nd the (i) the level of output that maximizes daily prot, (ii) the number of workers hired that maximize prots, (iii) the prot-maximizing level. Show your computations (you can copy from Excel and paste them into your Word le)