Q. No. 1 Short Run Production Schedule is given as: Land Labor Total Product (TP) Average Product (AP) Marginal Product (MP) (K) (L 10 Acres 0 0 10 Acres 1 3 10 Acres 2 8 10 Acres 3 12 10 Acres 4 15 10 Acres 5 17 10 Acres 6 17 10 Acres 7 16 10 Acres 8 13 Complete the schedule and answer the following questions a. What would be the short run scale of Production? b. What are the ranges of labor required for 1 stage, 2 stage and 3rd stage of production? Q. No 2. Average Cost Curves of four different plants operating in the short run are given as: Plant 1 Plant 2 Plant 3 Plant 4 Short Run Average Cost Short Run Average Cost Short Run Average Cost Short Run Average Cost Output Output Output Output (Q) (SAC) (Q) (SAC2) (Q) (SAC) (Q) (SAC) 1 20 3 16 5 13 9 12 2 17 4 13 6 11.5 10 11.5 3 15.5 5 12.2 7 10.5 11 11.7 15 4 6 12 8 10 12 12 5 16 7 13 9 10.5 13 13.5 6 18 8 15 10 11 11 12 Draw the short run average cost curves and derive the long run average cost curve