Microeconomics question

Question 1: The table below provides the total revenues and costs for a small landscaping company in a recent year. Total Revenues ($) 250 000 Total Costs (S) - wages and salaries 150 000 - risk-free return of 2% on owner's capital of $20 00 - interest on bank loan - cost of supplies 27 000 - depreciation of capital equipment 8000 additional wages the owner could have earned in next best alternative 30 000 risk premium of 4% on owner's capital of $20 000 800 Refer to above Table, answer the following questions: . What is explicit costs and implicit costs for this firm? Answer: b. Calculate the accounting profits and economic profit for this firm? Answer: Question 2: The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital. Assume that the wage per unit of labour is $10 and the cost of the capital is $50. Labour per period Total output per period 0 0 10 30 90 132 150 Refer to the above Table, answer the following questions: a. What is the marginal product of the 4th unit of labour hired by the firm? Answer: b. What is the total output per period when this firm is employing labour such that the marginal product of labour is at its maximum? Answer: c. What is the average fixed cost for 150 units of output? Answer d. What is the average variable cost for 132 units of output? Answer e. What is the average total cost for 90 units of output