Use the data in the table below to answer questions 1 through 3.Labor (hours) Output (units)0 010 10020 24030 36040 44050 500If the firm has fixed costs of $2,000 and labor costs are $8 per hour, what is the average total costs at 40 hours of labor (rounded to the nearest penny)?Answer here

When it produces 100 units, a firm’s total variable cost is $300 and its total fixed cost is $2700. What is the average cost?1 point$3$24$27$30

Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the average product for 3 units of input?Answer here

Use the data in Table 1 to answer the following questions. TABLE 1 – Bunches of Roses Labour: 0, 1, 2, 3, 4, 5, 6, 7 Output (bunches): 0, 20, 44, 60, 72, 80, 84, 84 TFC: 200, 200, 200, 200, 200, 200, 200, 200 TVC (cost of labour per day): 0, 50, 100, 150, 200, 250, 300, 350 TC: 200, 250, 300, 350, 400, 450, 500, 550 MC: 2.5, 2.08, 3.13, 4.17, 6.25, 12.5 AFC: -, 10, 4.55, 3.33, 2.78, 2.5, 2.38, 2.38 AVC: -, 2.5, 2.27, 2.5, 2.78, 3.13, 3.57, 4.17 ATC: -, 12.5, 6.82, 5.83, 5.56, 5.63, 5.95, 6.55 a) At what level of output is AVC at the minimum? The AVC is at the minimum when the output is 44 bunches of roses, which is 2.27. b) At what level of output is ATC at the minimum? The ATC is at the minimum when the output is 72 bunches of roses, which is 5.56. c) At what level of output does MC intersect ATC? d) Between what levels of output is MC at the minimum?

(b) (If you would like to, you can do part (c) first and use your answer to (c) to answerthis question.) Find the total cost of producing 32 units of output.(c) Find the total cost, average cost and marginal cost of producing y units of output.Is the average cost increasing or decreasing in y? Is the marginal cost higher or lowerthan the average cost?

A firm has fixed costs of $400, average total costs of $3 and average variable costs of $2.50. The output of the firm is _____________.