Question: he table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of

he table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $1000 per day. (1 point X 7 columns = 7 points)

Units of Labour (per day) Total Output (per day) TFC TVC TC MC AFC AVC ATC

10 100

20 300

30 900

40 1320

50 1500

60 1620'

70 1680

Using the information provided, compute all of the short-run costs for this firm and complete the table. Please write down the formula (1.5 points) and show the full calculation work for each cell (1.5 points) to get full marks.

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