1. Provide the equation and briefly explain each. Production Function Marginal Product (MP) O Average Product (AP) o Elasticity of Production (E) 2. Using the definitions and formula of the variables listed above, solve the problem below. Production of Plastic Tumblers, Inc., No. of Pieces Per Hour No. of Workers Total Product Marginal Product Average Product Elasticity of (x) (TPx) or Quantity (MPX) (APx) Production (Ex) of Output (Q) 0 0 10 14 20 28 35 41 45 8 47 9 48 10 48 Given: 1. Business named "Plastic Tumblers, Inc. 2. No. of workers (x) from 0 to 10 3. No. of pieces of tumblers produced per hour or Total Product (TPx) or Quantity of Output (Q) Required: 1. Calculate the Marginal Product (MPx), Average Product (APx), and Elasticity of Production (Ex) 2. Plot the TPx, APx and MPx curves in one single graph. Make sure you label the X and Y axes, the units of measurement and label the curves. 1. Determine the boundaries of the three stages of production. 2. Based on your table and graph, answer the following questions: a. Over what ranges of workers are there increasing, constant, decreasing and negative returns ? Why? b. How large a work force (No. of Workers) would lead to maximum TPx? Until what size of the work force (No. of Workers) would you advise the company to hire? Why