Using the following table answer the questions below: QL TP MP AP TFC TVC TO AFC AVC ATC MC 0 0 300 1 40 40 40 ? 400 7.5 2.6 10 2.5 90 50 45 7 500 3.33 2.22 6.56 2 3 160 ? 50 ? 600 2 4 1.67 4 200 50 ? ? 700 1.5 7 3.6 7 240 40 48 7 800 1.25 2.08 ? 2.5 270 30 45 ? 900 1.11 2.22 ? 3.33 290 20 41 ? 10001.03 2.41 3.45 5 8 300 10 38 7 1100 1 2.67 3.67 10 9 300 0 33 ? 12001 3 HINT: MP is plotted half way between the values of Quantity of Labour. (Question #3) But MC is plotted half way between the values of Quantity of OUTPUT. (Question #4 & #9) 1. When the quantity of labour is 6, then TFC =_ Choose.. 2. When the quantity of output is 240, then TVC = Choose... 3. MP is at Maximum when quantity of labour is Choose.. - 4. When the quantity of output is the firm must decide if it will shut-down (i.e. MC - AVC). Choose..! = 5. AVC will (Increase/Decrease) until the quantity of labour equals 3.5. Choose. = 6. MC will equal when the quantity of labour has reached 3.5. Choose... # 7. AFC = AVC when the quantity of output is Choose.!! 8. A firm will break-even when the price equals Choose.. 9. MC Is at minimum at the quantity of output of Choose... (Increase/Decrease), as long as MC is less than AVC. Choose... 10. AP will 160 120 2.00 Decrease 2.6 Increase 175