Gce Model Questions Vol1 2024 Economics Question 4
Practice essay / theory question 4 from the 2024 Gce Model Questions Vol1 Economics examination. This question covers Production, Marginal product, Average product, Law of diminishing returns, Returns to scale .
A small manufacturing firm uses a fixed amount of capital and varies the number of workers (labour) each month. The table below shows the total output (Q) produced with different numbers of workers (L). Output is measured in units per month. | L (workers) | Q (units) | |--------------|-----------| | 0 | 0 | | 1 | 20 | | 2 | 45 | | 3 | 63 | | 4 | 76 | | 5 | 84 | Assume that the capital stock remains unchanged throughout the period.
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This is Gce Model Questions Vol1 2024 Economics Question 4. It is one of the essay questions from the 2024 Gce Model Questions Vol1 Economics examination.
The question covers Production, Marginal product, Average product, Law of diminishing returns, Returns to scale .
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