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(Solved): Part B Structured Questions (10 marks) The table below shows the production for a firm. "Rounding y ...



Part B Structured Questions (10 marks) The table below shows the production for a firm. "Rounding your answers to two decimal places. Based on the information, i. State whether the firm is operation in the short-run or long-run. Justify your answer. (2 marks) ii. State the level of total product when the law of diminishing marginal returns start to set in. iii. Sketch a diagram to show the relationship between the average product and the marginal product. The table below shows the cost of production for a firm. Complete the table below. "Rounding your answers to two decimal places.



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