1. The table below shows a company's production data. Workers Output Average Marginal Product Product 0 1 O 30 55 75 90 1 00 1 00 95 WHmLh-P-WN'D (a) Figure out what the average product is. (b) Fill in the marginal products column. What do you think the pattern is? What's the best way to put it? (c) Draw a graph of a typical production function based on your answers in (a) and (b). (d) Describe how total product (TP) and marginal product (MP) are related (MP). (fl How do marginal product (MP) and average product (AP) relate to each other? (AP). 2. Fill in the blanks with TRUE or FALSE answers and brief explanations. (3) Even if marginal costs are lowering, the firm should continue to produce to maximise production. (b) When the marginal product is negative, the average product will be negative. (c) When the average product passes the marginal product, it reaches its maximum value. 3. Table below show vanous costs of production. Output Total cost Total Average Marginal variable cost cost cost 10 35 55 E55 35 1 10 140 175 220 GD'HJUim-BthIG (a) How much is the xed price? (b) Figure out the overall variable cost (NC). to) Determine the marginal cost (MC). 3. Determine if an item is an accounting cost or an economic cost. (a) The owner drove his own car to deliver the company's goods to clients. (b) An account clerk who works parttime and is paid $10 per hour. to) The owner is selfemployed and works fulltime in her rm. Economic cost since the owner misses out on a pay check. 4. Draw a figure to show "scale economies," "constant return to scale," and "scale diseconomies