Complete the table below by filling in ALL missing numbers.

Joe runs a farm. He Rents the land for $240 a day, and he can hire workers for $10 per day for each worker. His short run production function is given in the first two columns of the following table.

Complete the table below by filling in ALL missing numbers. If your answer is a decimal rather than a whole number, round your answer to the nearest 2 decimal places. (PLEASE FILL IN ANY BLANK BOX)

Workers	Output	MP	TVC	TFC	TC	AFC	AVC	ATC	MC
0	0	----	0			----	----	----	----
1	10
2	40
3	80
4	105
5	115
6	120

1. In the table you just completed, find where diminishing marginal productivity begins.

Specifically, which is the first worker to add less marginal output than the previous worker?

2. According to the table (and general theory), what is true?

A. The highest MP is associated with the highest MC

B. The highest MP is associated with the lowest MC

C. The lowest MP is associated with the lowest MC

D. The lowest MC is associated with the lowest ATC

For the following 6 Questions, refer to the table you filled out above.

3. Plot the labor input (workers) against the output. Put the labor input on the horizontal axis and the output on the vertical axis. What is the general shape of this function?

A. an upward sloping line

B. an upward sloping function that gets steeper as a lot of workers are hired

C. an upward sloping function that gets shallower as a lot of workers are hired

D. a symmetrical parabola

E. a downward sloping line

4. Plot the labor input (workers) against the MP (marginal product). Put the labor input on the horizontal axis and the MP on the vertical axis. What is the general shape of this function?

A. it is a hill-shaped function (goes up, peaks, then falls)

B. it is a valley-shaped function (goes-down, bottoms out, then rises)

C. a horizontal line

D. an upward sloping function

E. a downward sloping function

5. Plot the output against the TVC (total variable cost). Put the output on the horizontal axis and the TVC on the vertical axis. What is the general shape of the function?

A. it is a hill-shaped function (goes up, peaks, then falls)

B. it is a valley-shaped function (goes-down, bottoms out, then rises)

C. a horizontal line

D. an upward sloping function

E. a downward sloping function

6. Plot the output against the TC (total cost). Put the output on the horizontal axis and the TC on the vertical axis. What is the general shape of the function?

A. it is a hill-shaped function (goes up, peaks, then falls)

B. it is a valley-shaped function (goes-down, bottoms out, then rises)

C. a horizontal line

D. an upward sloping function

E. a downward sloping function

7. Plot the output against the TFC (total fixed cost). Put the output on the horizontal axis and the TFC on the vertical axis. What is the general shape of the function?

A. it is a hill-shaped function (goes up, peaks, then falls)

B. it is a valley-shaped function (goes-down, bottoms out, then rises)

C. a horizontal line

D. an upward sloping function

E. a downward sloping function

8. Plot the output against the AFC (average fixed cost). Put the output on the horizontal axis and the AFC on the vertical axis. What is the general shape of the function?

A. it is a hill-shaped function (goes up, peaks, then falls)

B. it is a valley-shaped function (goes-down, bottoms out, then rises)

C. a horizontal line

D. an upward sloping function

E. a downward sloping function

9. Think about the general relationship between the marginal product of labor (MPL) and the marginal cost of output (MC). As MPL increases, what happens to MC?

A. MC increases

B. MC decreases

C. MC remains the same

D. Any of the above answers could be correct, depending on the industry.