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1. The short-run production function for a manufacturer of flash memory drives is shown in the table below. Based on this information, answer the following
1. The short-run production function for a manufacturer of flash memory drives is shown in the table below. Based on this information, answer the following questions. a. Calculate the average product at each quantity of labour. b. Calculate the marginal product of labour at each quantity of labour. c. At what point does marginal product begin to diminish? 2. The table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the cost of capital is $1000 per day. a. Complete the table
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