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File Tools View tuto chapt 4 [Compatibility Mode] - Word X a) Fill in the columns for total product and marginal product. KUPTM KOLEJ UNIVERSITI POLY-TECH MARA KUALA LUMPUR b) Sketch a diagram showing the three production stages. ECO3033/ ECO201 - ECONOMICS TUTORIAL 4: THE FIRM AND PRODUCTION c) Explain the law of diminishing returns and identify the level of variable input at which it starts to take place. QUESTION 1 Answer the following questions based on Table 1. Table 1 Fertilizer Land Average Product Total Product Marginal Product (Tonne) (Acre) (kg) (kg) (kg) 2 70 2 2 80 3 2 90 4 2 90 80 NN NN 60 co 50 QUESTION 2File Tools View tuto chapt 4 [Compatibility Mode] - Word X Table 2 shows the short-run data for a company Azami Ber- had. QUESTION 3 Table 2: Total Product, Marginal Product, and Average Prod- uct. The table below shows the costs of production of a firm. Complete the columns of total variable cost (TVC), average to- Qty of Labor Total Product (RM) Marginal Product (RM) Average Product (RM) tal cost (ATC), average variable cost (AVC) and marginal cost (unit) (MC). 100 2 200 Output(units) 3 TC(RM) TFC(RM) | TVC (RM) | ATC(RM) AVC(RM) MC(RM) 200 280 0 90 5 1050 170 190 2 240 1190 3 300 0 -90 370 5 450 (a) Fill in the blanks for TP, MP, and AP. 6 540 7 850 (b) Sketch a diagram (without scale) to show TP, MP, AP and 8 780 illustrate the 3 stages of production. 930 (c) State the range of number of workers that the firm would most likely hire. Why would the firm choose that range?File Tools View tuto chapt 4 [ Compatibility Mode] - Word X QUESTION 4 c. Without scale, draw the AFC, AVC, AC & MC in one dia- Company TMG has cost structures as shown below. Its total gram. fixed cost is RM90. d. Is the firm operating in short run or long run? Why? Q TC TVC AVC AC MC AFC 0 1 30 End of document 2 26 3 21 29 5 42 6 58 7 71 a. Based on the table above, answer the following questions. Complete the table. b. Without scale, draw a diagram to show the relationship between AP, MP and AVC, MC