Assume that fixed costs are $50, labor is the only variable input and its costs are reflected completely in the costs below.

1. Complete the table
2. Graph AFC, AVC, ATC, and MC
3. Explain how increasing returns and decreasing returns are depicted in your graph
4. If the labor input increased by $10 at every unit of production, what would be the effect on your graphs?

Total Product	Total Fixed Cost	Total variable cost	Total Cost	Average fixed cost	Average variable cost	Average Total Cost	Marginal Cost
0		0
1		25
2		45
3		60
4		70
5		85
6		105
7		135
8		180
9		240
10		315

Answer rating: 100% (QA)

Completing the table Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost ... View the full answer