Input (Number of Steers) 0 10 20 30 40 50 60 70 80 90 100 Output Average Marginal Total Total Total Total (Hundred weight Product Product Revenue Fixed Variable Cost of Beef) (AP) (MP) (TR) Cost (TC) (TFC) 0 75 150 225 295 360 420 475 525 570 610 Note: Selling price of the beef is $175 per hundredweight Total fixed cost is $10,000 and variable cost is $990 per steer. Cost (TVC) Marginal Marginal Revenue Cost (MC) (MR) a) Complete the table above by calculating the average product, marginal product, total revenue, total fixed cost, total variable cost, total cost, marginal revenue, and marginal cost. b) Use a graphical representation of the total and marginal product in the table above, to explain the concept of diminishing marginal product. c) What is the range of the profit maximizing production area? Explain your answ d) What is the level of input (or number of steers) where the maximum profit is achieved. (18 points)

a) Complete the table above by calculating the average product, marginal product, total revenue, total fixed cost, total variable cost, total cost, marginal revenue, and marginal cost. b) Use a graphical representation of the total and marginal product in the table above, to explain the concept of diminishing marginal product. c) What is the range of the profit maximizing production area? Explain your answer. d) What is the level of input (or number of steers) where the maximum profit is achieved