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The Artis Company hires employees at a wage rate of $10/hour. Other relevant data about the Artis Company is shown in the table below. What

The Artis Company hires employees at a wage rate of $10/hour. Other relevant data about the Artis Company is shown in the table below.

  1. What are the firm's fixed costs? (1 mark)
  2. Fill in the table by calculating the marginal product, total costs, marginal costs and average costs at each quantity of employee hours (round off to 2 decimals if needed) (8 marks)
  3. Is the data in the table for the short-run or long-run? Explain. (2 marks)
employee hours output marginal product total costs marginal costs average costs
0 0 100
2 20
4 50
6 90
8 80
10 60

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