Question 1.)

For the following Table A answer part a,b:-

Table A
Number of Workers	TP	MP	AP
1	10
2	80
3	180
4	240
5	280
6	294

1. Fill in the marginal and the average product of labour columns in Table A given above.
2. On a Graph plot the average and the marginal product curves.

c) Assume that the cost of employing each worker is $220 per day (including wages and materials), and fixed costs is $400, fill in Table B given below:Round your AVC and MC answers to one decimal place.

Table B
Number of Workers	TP = Output	TVC($)	TFC	TC	AVC($)	ATC	MC($)
1	10
2	80
3	180
4	240
5	280
6	294

d) On a graph plot the following points showing the quantity and dollar amounts.

• point of diminishing returns (D)
• most productive point (P)
• economic capacity (E)

Question 2.)

Show graphs of perfect competition in 3 situations profitable price, price causing loss and shutdown price and explain them in your own language.

Question 3.)

Show graphic representation of Total revenue, costs, and profits in perfect competition. Explain break even and maximum profit?