The assistant to the CFO brings to you a printout of the following product and cost figures for the month:

Labor Q Fixed Cost Variable Cost Total Cost

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0 0 ______ $0 ______

1 13,000 ______ ______ ______

2 28,000 ______ ______ ______

3 48,500 ______ ______ ______

4 78,000 ______ $40,000 ______

5 88,000 ______ ______ $70,000

The CFO wants the following information from you:

a) the completed cost table (assume labor is the only variable input and that all workers are paid the same wage rate)

b) the point of hired labor where diminishing marginal returns begin

c) the average variable cost when three workers are hired

d) the average total cost when two workers are hired