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QUESTION 1 Study the production schedule below: Units of labour Total product Average product Marginal product N TP AP MP 0 60 180 360 180
QUESTION 1 Study the production schedule below: Units of labour Total product Average product Marginal product N TP AP MP 0 60 180 360 180 4 140 200 Fill in the blanks with the correct values.QUESTION 2 Read the scenario below: After the lockdown restrictions were lifted, people started to consume less pineapple beer. Assume Lungile decides to stop brewing pineapple beer, as she is now earning only R30000 per year since the lockdown ended. She decides to convert her pineapple beer shop into a tavern. She uses her old furniture, but she must now apply for a liquor license, which costs R13000 per year. In order to pay for the liquor license, she must withdraw all her savings of R30000 from her account. The bank pays her 5% per year in interest on her savings. During the first year of operation, she pays her waiters R54000 per year. The rent, water and electricity for the tavern comes to R60000 per year. Assume Lungile earns R200000 in her first year of trading. Complete the sentences below by filling in the blank with the correct amount: You must follow ALL of these instructions. Do not show any decimal places or cents . Do not include the rand sign (R) . Do not include any spacesAssume Lungile earns R200000 in her first year of trading Complete the sentences below by filling in the blank with the correct amount: You must follow ALL of these instructions . Do not show any decimal places or cents . Do not include the rand sign (R) . Do not include any spaces Lungile's explicit costs for her first year of trading amount to R Lungile's implicit costs for her first year of trading amount to R Lungile's economic profit for her first year of trading is RPre AP MP 0 Units of labour How do you know that the graph shown above has been drawn incorrectly? O MP should be higher than AP where TP is increasing O AP can never be greater than TP O MP should cross AP where AP is at its maximum O TP should always be increasing O MP should be zero where TP is at its maximum O MP should always be positive
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