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Q2. a) Assuming Firm X's production schedule is as follows; fill in the blanks: (3 marks) Variable input (Labour Hour) Total output (Q units) Marginal
Q2. a)Assuming Firm X's production schedule is as follows; fill in the blanks: (3 marks)
Variable input (Labour Hour) | Total output (Q units) | Marginal Product (MP) | Average Product (AP) |
10 | 100 | 100 | 100 |
20 | 80 | ||
30 | 240 | 80 |
[Answer here]
Answer Q 2. a ) When the variable input is 20, the Total Output = When the variable input is 20, the Average Product (AP) = When the variable input is 30, the Marginal Product (MP) = |
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