The first two columns in the following table give a firm's short-run production function when the only variable input is

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The first two columns in the following table give a firm's
short-run production function
when the only variable input is labour capital (the fixed input) is
held constant at 5
units. The price of capital is €2000 per unit and the price of
labour is €500 per unit.
Labour
Production curves
(units of output)
TP
AP
Cost (€)
Average cost (€)
MP
Fixed
Variable
Total
Fixed
Variable
Total
MC
(€)
20
40
60
80
100
0
4.000
10.000
15.000
19,400
23.000
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C
Finish attem
a) Complete the table (show how you derived your answers).
b) What is the relation between average variable cost (AVC) and
marginal cost
(MC)? Between average total cost (ATC) and marginal cost (MC)? Draw
an
appropriate graph to support your answer.
c) What is the relation between average product (AP) and average
variable cost
(AVC? Between marginal product (MP) and marginal cost (MC)? Draw
an
appropriate graph to support your answer.