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1.A firm's short run production function is a function of the fixed amount of capital and the quantity of the variable input labor.

Assume the following: when 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500.

Find the following : Total Product, Marginal Cost, Average Variable Cost, Average Fixed

Cost, and Average Total Cost. Briefly show how you get the results for the first row, but

calculate all the missing values in all the rows in the table.

From the calculations you have obtained, answer the following and explain your answer:

Is ATC increasing, decreasing or constant?

Is AVC increasing, decreasing or constant?

Draw the graph of the ATC and AVC curves on the same set of axis, labeling correctly

your two axis. Note a value of output in the graph that is consistent with your answers.