2 marksTheory of Supply
CAPE Economics Unit 1 · 2016 · Paper 2 · Question 2(a)(i)
Define the term 'total product'.
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Practise this questionOther parts of this question
- 2(a)(ii)Define the term 'average product'.[2 marks]
- 2(a)(iii)Define the term 'marginal product'.[2 marks]
- 2(b)(i)Explain the law of diminishing returns in the context of the manufacture of electric fans.[3 marks]
- 2(b)(ii)Explain the concept of the short-run in the context of the manufacture of electric fans.[3 marks]
- 2(c)Assess, with the aid of a diagram showing the three stages of production, the ideal production stage for electric fans.[13 marks]
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