Exam (elaborations)
ECS1501 ASSIGNMENT 9 SEMESTER 2 2023
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This document contains ECS1501 Assignment 9 Questions and trusted answers.
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UNISA 2023 ECS1501-23-S2 Assessments Assessment 9QUIZ
Started on Thursday, 19 October 2023, 3:02 PM
State Finished
Completed on Thursday, 19 October 2023, 3:21 PM
Time taken 19 mins 38 secs
Marks 12.50/15.00
Grade 83.33 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
, Question 2
Complete
Mark 1.00 out of 1.00
The law of diminishing marginal returns refers to the situation in which _______ eventually declines as more of the variable
input is employed, given a certain amount of the fixed input.
average cost
marginal cost
marginal product
average revenue
The law of diminishing marginal returns states that as additional units of a variable input (such as labour) are added to a
fixed input (such as capital), the marginal product of the variable input will eventually decline.
Marginal product refers to the additional output produced by employing one more unit of a variable input while keeping all
other inputs constant. It measures the change in output resulting from the addition of one more unit of the variable input. As
more units of the variable input are added to a fixed input, initially, the marginal product may increase. This occurs because
the additional input brings about greater specialisation and efficiency in production. However, as the variable input
continues to increase, a point is reached where the marginal product starts to decline.
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