Production/Cost Exercises 1. The following is a short-run production table for a firm with labor as its only variable input. Wage = $ 1,000 Capital = 100 units Capital Price= $60 Product Price= $200 Labor Output 0 50 110 3 160 4 200 5 230 6 250 260 B 265 9 260 10 250 a. Determine the following measures at all levels of output: MPL, APL, TFC, TVC, TC, TR, AVC, ATC, AFC, MC, PROFIT b. At what level of output is the profit maximized? c. What kind of observations can you make about MC, price, average total cost, and profit