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The following table represents the potential monthly output(Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total costs
The following table represents the potential monthly output(Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total costs (TC), average total costs (ATC) average variable costs (AVC), average fixed costs (AFC), and marginal cost (MC) for Black Cat Burrito (Note that it resembles the large table used throughout our class notes for Lecture 8, which is also given as Exhibit 6.3 in the textbook.) Quantity of Output Labor (L) Marginal Product Variable Cost (VC) Fixed Cost (FC) Total Cost (TC) Average Total Cost Average Variable (9) of Labor (MPL) (ATC) Cost (AVC) 0 0 N/A NA NA 15 1 20 2 81 3 161 4 351 5 762 6 982 7 1077 8 Fill in the blanks in the table with the appropriate values. Each unit of labor costs $100, and the fixed cost when Lois $2,000. (Round all numbers to the second decimal place when necessary. Any subsequent calculations using that number will used the rounded version)
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