Scenario 2: Selling in Progress Suppose the maximum number of hours that Shawn works per day is 8 hours, and regarding his productivity on watermelon juice, it is provided in the following table: Table 2 Hours Cups of Watermelon Hours Cups of Watermelon 0 5 258 20 6 324 60 382 W 116 8 430 188 Problem 3: Please using Excel to compute both the average product (AP) and marginal product (MP) per hour. Hint: the average product of labor is computed as the ratio of total product to the number of labor worked. Moreover, the marginal product of labor is computed as the ratio of change in total production to the change in the number labor worked. Problem 4: Following the Problem 2 and Problem 3, please using Excel to compute the total fixed cost (TFC or FC), total variable cost (TVC or VC) and total cost (TC) when Shawn runs the business. Moreover, given Shawn works 8 hours per day, what is the price for each cup of juice so as to break even (total revenue equals the total cost)? Problem 5: Following the Problem 2 to Problem 4, please using Excel to compute the average total cost (ATC), average (total) fixed cost (AFC), average (total) variable cost (AVC) and marginal cost (MC). In addition, please plot the curves for ATC, AFC, AVC and MC.Problem-Based Learning Cost of Production Scenario 1: Preparation for New Business Shawn wants to start a new business by selling watermelon juice. In particular, he withdrew $500,000 of his saving from the commercial bank to cover his expense (for new business). Below is a list of costs associated with the production inputs: Table 1 Items Cost Rent (Location) $2,000 per day Wage $160 per hour Ingredient $6 per cup of juice Machine Rental $14 per day Electricity Fee $21 per hour Advertisement Fee $73 per day Straw $0.12 per straw Table Rental $5.5 per day Plastic Cup $0.7 per cup Plastic Cup Lids $0.1 per lid Plastic Bag $0.5 per bag Decoration Service Fee $35 per day Problem 1: Do we take into consideration the investment funds, Shawn's deposit ($500,000), when we compute the economic cost? Why? Problem 2: In Economics, we generally divide the production inputs into two categories, xed input and variable input. Could you please categorize the production inputs, listed in Table 1, into xed and variable inputs