what is the formula for marginal cost

QUESTION 3 [25 MARKS] The table below shows labour (L) and total product (TP) for a firm. 1 2 3 4 5 6 7 TP 100 300 700 1000 1200 1300 1350 AP MP (a) Complete the table for AP (Average product) and MP(Marginal Product) [3 marks] (b) Plot a labeled diagram of the short-run Total Product, Average Product, and Marginal Product Curves for L, and explain briefly the law of diminishing marginal returns from your computation. [8 marks] (c) What is meant by Fixed and Variable costs and give examples of each that arises in business organisation. [4 marks] (d) Explain, using diagram, how does the hypothesis of diminishing returns (MPP & APP) influence the behaviour of costs (MC & AC). [5 marks] (e) Both AC and MC are U shaped curves. Explain the relationship between the AC and MC Curves. [5 marks]