Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.

Table: Cost Data Quantity of Output 0 1 2 3 4 5 6 7 Variable Cost (VC) 0 50 70 100 140 190 250 320 Total Cost (TC) 50 100 120 none of these 190 10 240 50 150 190 240 300 370 What is the average fixed cost of producing 5 units?

Given are the formulas for computing. Read the instructions below and do as indicated. Answer the questions below. Then make graphs. (You don't need to post the answers for the computation. What I need are the graphs)   • For graphing paper #1 Y  axis =  total fixed cost (TFC), total variable cost (TVC), and total   cost (TC)  X axis  = output • For graphing paper #2    Y axis = average fixed cost (AFC), average variable cost (AVC),   average total cost (ATC), and marginal cost    X axis  = output

Define economies of scale