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Q6. Koolgear Ltd. is a small company making tracksuits. The fixed costs of production are E5000 and the variable costs are $600 per worker. The
Q6. Koolgear Ltd. is a small company making tracksuits. The fixed costs of production are E5000 and the variable costs are $600 per worker. The number of workers and its associated quantity of production are listed in the table below. No of workers Quantity produced FC VC TC MC O 0 50 130 230 UI A W N 320 400 470 530 00 580 a ) Briefly explain the law of diminishing returns. b) . What is the main difference between economic cost and accounting cost? C) Calculate the relevant cost data for Koolgear Ltd. and fill in the missing values in the table
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