QUESTION 15 Complete the table and use the data to answer the question that follows. Average product (AP) Marginal product (MP) 20 Units of labour (N) Total product (TP) 1 2 45 3 66 4 21 5 100 6 The marginal product of the fifth unit is a) 14 b) 16 c) 21 14 d) 25 QUESTION 16 This question refers to the figure below which shows the price, marginal cost, and average cost curves facing a perfectly competitive firm in the short run. What is the total daily revenue of the profit-maximising firm in the short run? 60 Output per day 100 a) R800 R2 000 R960 R720 MC AVC QUESTION 17 The diagram below shows the equilibrium position of Balloon manufacturers who are operating under pure competition because one company does not have an edge over another. 90 D-MR-AR 50 45 10 12 20 Exhibit 21-1 WMC ATC AVC The maximum economic profit (or minimum economic loss) for the firm in the diagram above would be a a) loss of R540 b) loss of R480 c) loss of R60 d) loss of R490 QUESTION 18 The table below relates to profit maximisation in the labour market. Complete the table and answer the question below. (4 Marks) (4 Marks) (4 Marks) (4 Marks)