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QUESTION 3 The table below shows the weekly total product, average product and marginal product of a rm. Capital (unit) Labour Total Product Average Product
QUESTION 3 The table below shows the weekly total product, average product and marginal product of a rm. Capital (unit) Labour Total Product Average Product Marginal Product (unit) {Unit} (unit) 3 G - 3 1 BO 3 2 TO 3 3 70 3 4 65 3 5 60 3 6 50 3 7 40 3 8 30 Based on the table above, answer the following questions. a) Fill in the blank columns. (4 marks.) b) State the number of labour when the diminishing marginal return sets in. Justify your answar. (2 marks) o) Is the rm operating in the short run or long run? Justify your answer. (2 marks) Given the following information Average xed cost (AFC) = RM12.50 Average variable cost (AVG) = RM81.25 Output (0) = 8 units d) Based on the information given above, calculate the total fixed cost {TFC) and total cost (TC). (2 marks) 9) Find the total cost (TC) when the output is zero. (1 mark)
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