Please answer the following questions:

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1) Explain the relationship between total, marginal, and average product.

2) Distinguish between fixed, variable and total costs.

3) Explain the difference between average and marginal costs.

4) Solve the following:

Labor                                       Total Physical Product

0                                              0         

1                                              60

2                                              130

3                                              190

4                                              230

5                                              250

Calculate her Average Physical Product (APP) at Labor 2?

5) Marginal Physical Product (MPP = ∆TP/∆Labor) at Labor 4?

6) Average Variable Costs (AVC = TW*L/APP) at Labor 3? Wages are fixed at $1,000 per month.

7) Marginal Costs (MC = TW*L/MPP) at Labor 5? Wages are fixed at $1,000 per month.

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