Please give short notes also!!

MAS X + ha/t/all Technical Questions 3. Jim is considering quitting his job and using his savings to start a small business. He expects that 1. The following table shows data for a simple pro- his costs will consist of a lease on the building. duction function. inventory, wages for two workers, electricity, and insurance. Total Average Marginal Capital (K) Labor (L) Product (TP) Product (AP) Product (MP) a. Identify which costs are explicit and which are 10 opportunity (implicit) costs. b. Identify which costs are fixed and which are variable. 4. Suppose Marcus is operating a bookstore, and he made zero economic profit last year. a. What was Marcus's accounting profit likely to 92 be? b. If the implicit costs had increased, what would be the effect on Marcus's economic and ac- counting profits? a. From the information in the table, calculate 5. The following table shows data for the simple marginal and average products. production function used in Question 1. Capital b. Graph the three functions (put total product on costs this firm $20 per unit, and labor costs $10 per one graph and marginal and average products worker. on another). . For what range of output does this function K have diminishing marginal returns? TP TFC TVC TC AFC AVC ATC MC 10 d. At what output is average product maximized? 10 2. The following table shows data for a simple pro- 10 15 duction function. 10 30 10 50 10 75 Total Capital () Labor (L) Average Marginal 10 Product (TP) Product (AP) 85 Product (MP] 10 90 10 10 10 75 10 120 10 a. From the information in the table, calculate 83 10 total fixed cost (TFC), total variable cost (TVC), 35 total cost (TC), average fixed cost (AFC), 22 average variable cost (AVC), average total cost 10 (ATC), and marginal cost (MC). 10 b. Graph your results, putting TFC, TVC, and TC another. on one graph and AFC, AVC, ATC, and MC on a. From the information in the table, calculate C. At what point is average total cost mini- total and average products. mized? At what point is average variable cost b. Graph the three functions (put total product on minimized? one graph and marginal on another). For what range of outpa Page have diminishing marginalcounts