QUESTION 22 Mr Naidoo owns a farm where he specialises in the production of vegetables. There has been increases in dema

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Question 22 Mr Naidoo Owns A Farm Where He Specialises In The Production Of Vegetables There Has Been Increases In Dema 1 (65.38 KiB) Viewed 12 times

QUESTION 22 Mr Naidoo owns a farm where he specialises in the production of vegetables. There has been increases in demand for vegetable as people are being health conscious. Mr Naidoo decides to hire more workers. The figure below shows variable inputs of labour being added to a constant amount of resources. Marginal cost will be at a minimum for Mr Naidoo when he is hiring Magrand average prod A. Q3 workers QUESTION 23 Marginal Product B. Q2 workers C. More than Q3 workers D. Q1 workers 9₁ bung Average product Oute per day Inputs of labour (4 Marks) Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium. Figure 23. 1 shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. Figure 23.1 AC (4 Marks) Price AVC What is the total revenue of the profit-maximising firm in the short run? A. R2 000 B. R800 C. R960 D. R720