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Please fill in the table. 1) Complete the table below: (7 points) Labor Capital TP MP AP TFC TVC TC AFC AVC ATC MC (Q)

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Please fill in the table.

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1) Complete the table below: (7 points) Labor Capital TP MP AP TFC TVC TC AFC AVC ATC MC (Q) 0 0 100 40 103 00 09 50 50 30 200 Labor is paid a wage of $50/day. All output is per day. Where: TP = total product; output; or quantity MP = marginal product AP = average product TFC = total fixed cost TVC = total variable cost TC = total cost AFC = Average fixed cost AVC = average variable cost ATC = Average total cost MC = marginal cost

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