Question: I-The production function, Total Revenue, and Total Cost functions are provided below at different levels of employment of labor (L). Use the data and

I-The production function, Total Revenue, and Total Cost functions are provided below

I-The production function, Total Revenue, and Total Cost functions are provided below at different levels of employment of labor (L). Use the data and calculate: ATC, TFA, TVC, AFC, AVC, ATC, MC, and Marginal Revenue (MR). Also, use the total and Marginal approaches to determine the profit maximization output (Q). Hint: Calculate Total Profit = TR-TC, also find the point where MR =MC. Production Function Point Labor (L) Q-TPI Total Revenue A 0 0 S Total Cost $ ATC-TC/Q TFC AFC-TFC/Q TVC-TC-T AVC-TVC/Q MR MC Marginal Profit Total Profit Marginal Product of Labor Price Total Revenue/Q 10,000.00 B 1 29 C 2 92 D 3 183 E 4 296 F 5 425 G 6 564 H 7 707 I 8 848 J 9 981 K 10 1100 L 11 1199 M 12 1272 N 13 1313 0 14 1316 P 15 1275 Q 15 1184 R 17 1037 S 18 828 S 415,918.00 $ 291,833.89 $ 1,307,872.00 $ 853,146.88 $ 2,568,222.00 $ 1,566,394.87 $ 4,087,168.00 $2,353,183.36 $ 5,758,750.00 $ 3,221,406.25 $ 7,485,408.00 $ 4,263,101.44 $ 9,181,102.00 $ 5,615,442.43 $10,772,992.00 $ 7,396,951.92 $12,201,678.00 $ 9,637,151.41 $13,420,000.00 $12,220,000.00 $14,390,398.00 $14,860,825.99 $15,080,832.00 $17,130,916.48 $15,459,262.00 $18,536,022.97 $15,486,688.00 $18,642,654.96 $15,108,750.00 $17,230,468.75 $14,245,888.00 $14,429,415.04 $12,782,062.00 $10,777,886.53 $10,552,032.00 $ 7,110,795.52 T 19 551 $ 7,327,198.00 $ 4,156,831.51 II. Use the production function provided above and calculate Marginal Product of Labor[MPI-Change in Total Product of Labor/Change in Labor (L)]. III. We know that Price-Total Revenue/Quantity. Use the Data above and calculate Price at different levels of production as well as the optimum price that maximizes total profit. IV. Do you see any pattern to identify the three stages of production? Just analyze it for possible multiple questions on the Final Examination.

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