Question: ASSIGNMENT 2 MICROECONOMICS :[5 MARKS) Use the following table to work Problems 1 to 5. The table sets out Sue's Surfboards' total product schedule. Labor


ASSIGNMENT 2 MICROECONOMICS :[5 MARKS) Use the following table to work Problems 1 to 5. The table sets out Sue's Surfboards' total product schedule. Labor (workers per week) Output (surfboards per week) 1 30 2 70 3 120 4 160 5 190 6 210 | 7 220 El QUESTIONS 1. Draw the total product curve. 2. Calculate the average product of la bar and draw the average product curve. 3. Calculate the marginal product of labor and draw the marginal product curve 4. Over what output range does the firm experience diminishing marginal product of labor? 5. Over what output range does the firm experience an increasing average product of labor but a diminishing marginal product of labor
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