how do i answer a and b

Problem Set 10 Name: Julietta Menendez 18 points 1. Explain an example that demonstrates the "real world" application of each of the following. Define the terms in your own words and use examples that clearly demonstrate your understanding of each concept. a. Marginal product and the Law of Diminishing Marginal Returns (2 pts) b. Fixed Costs and Variable Costs (2 pts) Fixed costs are costs for resources that do not change based on the amount of output. Examples of thes include insurance and property taxes for they do not chang based on output ; they are fixed. variable costs are costs that change when the output changes. Examples of this include raw materials and sales commisions as they can change based on the output; they can vary c. Total Cost and Average Total Cost (2 pts)