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Week 3: Session 7
NOTE: Student must explain their answers in detail to be awarded good grades. Graphs should be used wherever possible to support the explanation. This assignment is worth 30 percent of the overall marks for this unit
Total = 25 marks. Marks will be converted to 30 per cent.
PLAGIARISM - ALLOWABLE SIMILARITY INDEX IS 20%
QUESTION 1
QUESTION 2
If you owned a business and labour is the only variable input, explain:
QUESTION 3
QUESTION 4
Frank owns a Café and for the last 2 months his total revenue was not sufficient to cover his average total cost resulting in an economic lost. What are Frank’s options in the short run to minimise his loss. NOTE: There are two options available to him.3 Marks
QUESTION 5
A manufacturer must decide what level of output is profit maximising quantity. Use graph(s) to illustrate and explain how the manufacturer can use marginal analysis to decide on this level of quantity. 2 Marks
QUESTION 6
QUESTION 7
Define game theory and apply the game theory matrix diagram to illustrate and explain a strategic decision you have made recently. 3 Marks
Question 2 (A)
The decreasing MPL (marginal product of labor) occurs due to diminishing return on labor. This means that the total output increases at a decreasing rate. In this case, marginal cost will rise with increase in output (Hubbard & O'Brien, 2001). Eventually, the rise in marginal cost will also lead to increase in average total cost. The example below reveals the concept more clearly
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