Economics

1Total product rises from 40 to 52 when labour increases from 4 to 5 workers. The marginal product of the 5th worker is

2Fixed cost GH¢500 and variable cost GH¢300 at an output of 100 units. Average total cost is

3Total product rises from 40 to 50 when a fifth worker is employed. The marginal product of the fifth worker is

4Total cost of 10 units is GH¢200 and of 11 units is GH¢215. Marginal cost of the 11th unit is

5Which is a variable cost?

6If 4 workers produce 40 units and 5 workers produce 45 units, the marginal product of the 5th worker is

7Production that turns raw materials into finished goods is

8The entrepreneur is rewarded with

9Economies of scale lead to

10Cost savings a firm gets from growing larger are