Micro Ecnomics

Please as soon as possible

QUESTION NO 1 [10] Assume the table below shows short run production and cost data for a firm producing shower bases. This firm has fixed costs of $3,000, and labor costs of $50 per hour Labor TP AP MP Quantity TVC TFC TC AC MC (Q) 5 3000 12 2 3000 3 18 3 3000 23 4 3000 a) Complete the marginal and average product column in the table [4] b) Complete the cost column in the table [4] c) Define and graphically explain: (i) Total Variable Cost (TVC) [1] (ii) Total Fixed Cost (TFC) [1]