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9. You have decided to start a new business making unique branded Hats for local events in your area such as relays, tournaments, and fundraisers.
9. You have decided to start a new business making unique branded Hats for local events in your area such as relays, tournaments, and fundraisers. You, along with several of your friends have been recently having more conversations around this business idea. Your plan is to market and promote the Hats and sell them through social media. The table below represents your production relative to the units of labour you could choose to employ. Complete the table below. (2 marks] Units of Total Marginal Labour Product Product 1 10 12 22 3 20 5 118 28 7 164 18 174 2 10 170 -6 b. Identify in the table where diminishing marginal returns is most likely to set in for the Hat business. How many units of labour reflect this point and why might this be occurring now? (2 marks)
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