tahnkyou so much

No. of Total Marginal Average Total Total Total Marginal worker product product product variable fixed cost cost (units) (units) (units) cost ($) cost ($) ($) ($) 0 0 -- 50 300 2 110 500 3 180 700 4 260 900 5 320 1,200 6 370 1,500 a) Explain whether Majestic firm is operating in short run or (2 marks) long run. b) Copy the above table to your answer book and fill in the (9 marks) columns of "marginal product", "average product', "total fixed cost", "total cost" and "marginal cost". C) Define the law of diminishing marginal returns. (2 marks) d) Identify the level of worker employed at which diminishing (3 marks) marginal returns starts to occur and explain the reasons for its occurrence. e) Suppose the marginal revenue (price) per product is $5, (1) determine the profit-maximizing output level by using (2 marks) marginal approach; and (ii) calculate the economic profit of the Majestic firm. (2 marks)