Question: Q 1 . ( a ) Provide a scenario that consists of a business, labour and product to explain total product ( TP ) ,
Qa Provide a scenario that consists of a business, labour and product to explain total product TP average product AP and marginal product MP marks
b By using relevant graphs, explain the relationships between total product TP average product AP and marginal product MP
marks
c Create a situation involving a business, its workforce, and a product to illustrate the concept of the law of diminishing marginal returns. Your answer should consist of different types of marginal return.
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d Table below shows the production data of a firm. Compute average product and marginal product at each level of output. Then, explain the types of marginal return based on your calculated values and the concepts in question c marks
Total: marks
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