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(a) The following table shows the amount of total output produced from various combinations of labour and capital. Units of labour Units of capital 1
(a) The following table shows the amount of total output produced from various combinations of labour and capital. Units of labour Units of capital 1 2 3 1TB m 160 480 7'10 790 LII i. Calculate the marginal product and average product of labour when capital is held constant at 2 units. Show all your calculations. ii. Make a well-labelled graph showing isoquant curves for Q = 160 units and Q = 360 units. (b) Given unchanging production cost and market demand conditions, \"gross prot = revenue cost of goods sold\" remains constant. In this situation. how can sellers\" lobby or industry associations act to improve their net prots? Explain in 20-25 words
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