Q.2 Answer the following questions about production and profits. [5+2=7] (a) The following table shows the amount of tot

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Q.2 Answer the following questions about production and profits. [5+2=7] (a) The following table shows the amount of tot

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Q 2 Answer The Following Questions About Production And Profits 5 2 7 A The Following Table Shows The Amount Of Tot 1
Q 2 Answer The Following Questions About Production And Profits 5 2 7 A The Following Table Shows The Amount Of Tot 1 (53.07 KiB) Viewed 34 times
Q.2 Answer the following questions about production and profits. [5+2=7] (a) The following table shows the amount of total output produced from various combinations of labour and capital. Units of labour Units of capital 2 3 1 4 1 120 160 160 50 110 260 360 390 2 3 150 360 510 560 4 170 430 630 690 160 480 710 790 5 i. Calculate the marginal product and average product of labour when capital is held constant at 2 units. Show all your calculations. ii. Make a well-labelled graph showing isoquant curves for Q = 160 units and Q = 360 units. (b) Given unchanging production cost and market demand conditions, "gross profit = revenue - cost of goods sold" remains constant. In this situation, how can sellers' lobby or industry associations act to improve their net profits? Explain in 20-25 words.
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