Exam (elaborations)
ECS1501 ASSIGNMENTN 12 SEMESTER 2 2022
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This document contains expected questions and answers for ECS1501 assignment 12 2022
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Summary of your previous attemptsState Marks / 30.00 Grade / 100.00 rent @
Finished 27.00 90.00
Submitted Saturday, 4 June 2022, 7:56 PM
,Which of the following is not true about the
law of diminishing returns?
If you employ too many people, they will
get in each other's way and become
counterproductive.
Initially, when more people are
employed, people can specialise and
total product increases.
After specialisation, every additional
labourer will contribute less than
previous labourers.
e When you employ more people, you will
always increase the total product.
= I
, If a firm faces a perfectly elastic demand for
its product, then:
MR=TRxP
e MR=AR=P
MR
= TR/AR
MR=ARxP
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