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PROBLEM SET 5 Cost Department of Economics Prof. Erwin A. Blackstone Temple University Principles of Microeconomics A. Carrots E. Fudd, Inc. produces Bugs Brand canned carrots using capital and labor. . In the short run capital is fixed and Figure A labor is variable. Fudd's short run cost. schedules for levels of daily output between 0 and 7 cases are shown in Figure A. Quantity of Total Fixed Output Total Variable Cost Total Average Fixed Fill in the missing numbers using the definitions of the Cost Cost Average Variable Average Total Cost Marginal various cost concepts. Note that the marginal cost Cost Cost Cost values are entered BETWEEN the output quantities. O 2. Explain in one sentence why all the numbers in column 2 are the same. 10.0 3. Explain in one sentence why the first number in column 3 is zero. 8.0 4. Give a one sentence economic interpretation of the third m number in column 4. 30.0 Explain in one sentence why there are no entries in the first row of columns 5, 6, and 7. 8.5 34.0 1.2 6.8 Give a one sentence economic interpretation of the last number in column 7. 9 42.0 10.0