Question one:

Suppose that your le of production cost data has been corrupted, and you have been left with the incomplete information below. m \"___ ________ ________ ________ ________ ________ a. Fill in the TC, FC, VC, and MC columns in the table above, using your remaining information. (9 points) b. Does your variable input have a diminishing marginal product? Explain why or Why not. (2 points) Suppose that a rm's short-run production function is given by Q = 300 + 10001., and the cost of labor is $25 per unit. The cost of capital is $100 per unit, and the level of capital is xed at 20 units. Derive an equation to represent the rm's total cost of producing q units of output, TC (q), where q is the only unknown variable. (5 points)