10:21l 4G O( Kartik Bro Template (GECO5113(5...Requirement:Question 1A firm produces good Y with just 2 factors: Capital which isfixed in supply and labour which is variable.Labour (units) 1 2 3 4 5 6 7 8 9Total Product 8 15 24 30 35 37 38 38 36(TP) in UnitsAverageProduct (AP) inunitsMarginalProduct(MP) in unitsa) Fill in the values of AP and MP.b) Sketch TP, AP and MP in one diagram.c) Identify the stages of production in the diagram.d) Explain why the firm still hire labour even though it is inthe range of diminishing returns?.e) What is the number of workers after which diminishingmarginal returns starts?.f) Is this a short run or long run phenomenon?Question 2The table below shows the average cost (AC) for a purelycompetitive market. The average revenue (AR) is constant atRM5 per unit and the firm's total fixed cost (TFC) is RM4.Total Revenue Average CostOutput(Units)MarginalCost (RM)Total CostMarginal(RM)(RM)(RM)Revenue(RM)18.025.534.043.53.86.4.576.0a) Fill in the values for total revenue (TR), total cost (TC)and marginal cost (MC) in the column provided.b) Determine the profit maximizing output.c) Show the equilibrium of the firm in a diagram.d) If the average revenue falls to RM3 per unit, calculatethe firm's new profit or loss at the equilibrium.e) Based on your answer in part (d), should the firmcontinue or stop the production? Justify.

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Question 1 A firm produces good Y with just 2 factors: Capital whic fixed in supply and labour which is variable. Labour (units) 1 2 3 4 5 6 7 8 9 Total Product 8 15 24 30 35 37 38 38 36 (TP) in Units Average Product (AP) in units Marginal Product (MP) in units a) Fill in the values of AP and MP. b) Sketch TP, AP and MP in one diagram. c) Identify the stages of production in the diagram. d) Explain why the firm still hire labour even though it the range of diminishing returns?. e) What is the number of workers after which diminisl