Part 2 Introdu 160 Problems and Exercises 17. Production in the Short Run Complete the following table. At what point does diminishing marginal returns set in? Total Product Marginal Product 20. Units of the Variable Resource O 1 10 1 - 22 N 9 W 4 A UT 34 18. Total Cost and Marginal Cost Complete the following table, assuming that each unit of labor costs $75 per day. Quantity of Labor Output Fixed Variable Total Marginal per Day per Day Cost Cost Cost Cost O $300 S_ $_ 75 15 N 17 150 450 12.5 21. W 15 525 A 18 300 600 25 UT 20 37.5 a. Graph the fixed cost, variable cost, and total cost curves for these data. b. What is the marginal product of the third unit of labor? c. What is average total cost when output is 18 units per day? 19. Total Cost and Marginal Cost Complete the following table, where L is units of labor, Q is the rate of output, and MP, is the marginal product of labor