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Section: PRODUCTION IN-CLASS WORKSHEET3 This question examines the relationships between different measures of a firm's costs, including total cost, marginal cost, average total cost. You

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Section: PRODUCTION IN-CLASS WORKSHEET3 This question examines the relationships between different measures of a firm's costs, including total cost, marginal cost, average total cost. You will use imperfect cost data and established cost relations to calculate missing pieces of that data. Randy's Reading Room sells mystery novels. Randy is usually a meticulous bookkeeper, keeping daily cost data. He did, however, fail to complete all of his bookkeeping responsibilities yesterday. Below, you are provided with the incomplete data that Randy did manage to record. Task 1: Using the imperfect data that Randy managed to record, identify the missing Marginal Cost Average Total Cost [novels) 0 $ 40 S 60 180 90:2 120 oo :3 110:4 160 12o S 5 Task 2: Explain why you are not able to identify the marginal cost of the first unit of output ause ask 3: Explain why you are not able to identify the average total cost of the first nit of output

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