Question: Introduction to Micro-Economics 4 5 6 Question 8 12 10 ECO 101 15 12 9 (10 marks) Use the production function in the short




Introduction to Micro-Economics 4 5 6 Question 8 12 10 ECO 101 15 12 9 (10 marks) Use the production function in the short run to fill in the blanks in the table below. No. of units of inputs Total Output (Units) Marginal Product 2 3 4 5 6 7 8 60 135 280 380 370 60 70 o -10 Average Product 70 68 63.3 54.3 Read the scenario below and answer questions 9 and 10. The table below contains the costs of production for Adani Manufacturing Limited. Capital Labour TP TFC 400 TVC o TC 400 AFC O AVC o AC 2 2 2 2 2 2 2 2 2 3 4 5 6 7 110 260 380 480 510 5600 Question 9 o 0.73 (12 marks) Given that the capital cost is R200 per unit and labour cost is R60 per unit. Calculate the firm's various costs in the table. (Leave your answers in two decimal places). Question 10 (4 marks) Adani Manufacturing Limited owns a raw product that it can sell for RI 500, or it could use it to manufacture a finished product and earn R4 000 for selling to customers. The firm decides to manufacture the finished product and sell it by employing 7 labours with a total product of 560 units in the above. Using the cost components calculated in question 9
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