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Chapter 6 Problem CL03, C4, C5) Last summer Daniel started the Custom Made Pot Company, which specializes in earthenware pots. The number a pots produced each week varies with the number of workers he employs as shown in Table 6.5. TABLE 6.5 Number of Workers TP MP AP 1 4 2 16 3 36 4 50 60 60 Questions a) Fill in the marginal and average product columns in Table 6.5. b) On the graph in Figure 6.8. plot and label the two curves. 24 20 16 Product 12 1 5 2 3 Quantity of labour FIGURE 6.8 Questions C) Assuming that each worker costs $300 a day (wages and materials) and Custom Made Pot has weekly fixed costs of $480, fill in Table 6.6 TABLE 6.6 Number of TP- Workers Output TVC TFC TC AVC ATC MC 1 4 2 16 3 36 4 50 5 60 60 d) On the graph in Figure 6.9. plot the following points showing the quantity and dollar amounts. Mark each plot with the corresponding letters point of diminishing returns (D) . most productive point (P) economic capacity (E) Page 24 60 50 40 Costs 30 20 10 10 20 30 40 50 60 70 Quantity of output FIGURE 6.9