L TPP MPP APP TFC AFC TVC AVC TC ATC MC P TR MR TF0 01 152 343

L
TPP
MPP
APP
TFC
AFC
TVC
AVC
TC
ATC
MC
P
TR
MR
TF0
01
152
343
514
655
746
807
838
82Complete the table given the following information (the information in the table is all on hourly basis):L ~ labor Units (hours of labor in this table)
TPP ~ Total Physical Product (of labor)
MPP ~ Marginal Physical Product (of labor)
APP ~ Average Physical Product (of Labor)
TFC ~ Total Fixed Cost (of production)
AFC ~ Average Fixed Cost (of production)
TVC ~ Total Variable Cost (of production)
AVC ~ Average Variable Cost (of production)
TC ~ Total Cost (of production)
ATC ~ Average Total Cost (of production)
MC ~ Marginal Cost (of production)
P ~ Price the Product
TR ~ Total Revenue
MR ~ Marginal Revenue
TF ~ Total ProfitSuppose the production information is for a firm operating in a perfectly competitive market environment. In this competitive market the going market price for the product is $0.56. Also suppose that the hourly wage rate is $5 and the hourly cost of leasing the fixed input is $10. The firm is using just one unit of fixed input.Email me to efagin@desertonline.net the following pieces of information as an indication of having completed the table:The total product of labor when only one unit of labor is used
The marginal product of the 5th unit of labor
The average product of labor when the producer uses 3 units of labor
The fixed cost of operation when no output is produced in the short run.
The total variable cost of production when 65 units of output is produced
The total cost of producing 80 units of output
The marginal cost per unit when production is increased from 80 to 83
Price of the product when 51 units are produced and offered for sale
The total revenue when 4 units of labor is used
What is the additional revenue each time the producer sells one more unit of the product Keep the completed table handy since there will be additional assignments based on the information in the completed table. You will be using this table to find and understand the profit maximizing level of output and specific features of profit maximization process by a firm.