Economics.

Andrea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knitters as labour and only uses one variable cost - yarn - and one fixed cost - the price of knitting needles. She pays R100 for a knitter, R50 for yarn and R100 for knitting needles. Use this information to complete the table values askes and questions below. Labour AP TFC TVC TC ATC MC 0 100 0 100 2 100 150 250 125 150 2 2.5 100 300 (d) (e) 66.67 3 100 450 550 61.11 (f) (b) 100 (c) 700 58.33 50 14 2.8 100 750 850 60.71 75 a. [3] b. Using to the law of diminishing returns, place the concepts in order in which they reach their turning points: average product, total product, marginal product. [1.5] C. In the example above, at what value does average total cost and marginal cost reach their turning point? [1] d. Beyond the turning point in average variable cost, marginal cost lies average variable cost. [0.5]