Question: I need help to solve this problem. The following table shows a firm's input, output and costs in the short run . The price of

I need help to solve this problem.

The following table shows a firm's input, output and costs in the short run. The price of each unit of output is

Tk. 100. (All costs and prices are in Tk.)

LaborQty ofVariableTotal

inputOutputcostcost

000400

1630420

21260440

31890460

422120480

524150500

------------------------------------------------------------------------------------

a) What is the AFC of the firm when it employs 1 worker?

b) What is the MC of the 2nd worker?

c) What is the profit this firm makes when it employs 3 workers?

d) What is the MP of the 4th worker?

e) Does this firm follow the law of diminishing marginal product, explain?

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