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Table completed for part 1 is as follows below;

Econ202s Excel Assignment - Part 2 Learning objective: Use Excel to measure productivity and costs Businesses use inputs to produce outputs. There are two types of inputs in the short run: 1. fixed inputs, for example, capital 2. variable inputs, for example, labor. The Excel spreadsheet shows an individual firm's output at various levels level of variable input with 3 units of fixed input. Use the Excel file that you completed in Econ202s Excel Assignment to complete this assignment. Sheet1: assume price of fixed input is $20 per unit and price of variable input is $9 per unit. Develop Sheet2: copy sheet 1 to sheet 2. Assume output level stays the same at each level of variable input but the price of variable input increases from $9 to $12 per unit. Develop Sheet3: copy sheet 2 to sheet 3. assume output level increases at each level of variable input with price of variable input at $12 per unit. New output levels increase to 0 , 18,39,58,75,89,98,104, and 107 Apply Excel skills to answer the following questions: 1. Based on the table that you completed in part 1, graph Total Product, Marginal Product, and Average Product for sheet1. Show the evidence of the law of diminishing returns based on the associated graph. 2. Compare sheet1 and sheet2. Graph TFC, TVC, and TC. What are the changes when variable input price increases? Graph AFC, AVC, ATC and MC. What are the changes? Use output equaling 75 as an example. 3. Compare sheet1 and sheet3. Graph TFC, TVC, and TC. What are the changes when variable input price increases and output level increase as well? Graph AFC, AVC, ATCl and MC. What are the changes? Use output equaling 75 as an example. 4. Does increase in input prices lead to increase in total costs? However, does increase in input prices necessarily lead to increase in average variable costs and marginal costs? Why? or why not? Eoon 202 s Excel Assignment Production function and Costs of Production Econ 202s Excel Assignment Production Function and Corts of Production Econ 202s Excel Assignment Production Function and Costs of Production

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