2a. In the table below you will find a schedule of a firm’s fixed cost and variable cost. Complete the table. Total prod

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2a. In the table below you will find a schedule of
a firm’s fixed cost and variable cost. Complete the
table.
Total product
Total fixed cost
Total variable cost
Total cost
Average fixed cost
Average variable cost
Average total
cost
Marginal cost
0
$100
$ 0
$_____
—
—
—
—
1
100
100
_____
$_____
$_____
$_____
$_____
2
100
180
_____
_____
_____
_____
_____
3
100
240
_____
_____
_____
_____
_____
4
100
320
_____
_____
_____
_____
_____
5
100
440
_____
_____
_____
_____
_____
6
100
600
_____
_____
_____
_____
_____
2b. At which output level does the law of diminishing
returns set in?
2c. If this were a perfectly
competitive firm and the product price was $100, at what point is
production the most profitable. Explain your answer and how it was
determined in detail.