Sconty empire

 WAEC ECONOMICS answers Wednesday 19th August 2020 Economics 2(Essay) – 9:30am – 11:30am Economics 1(objective) – 11:30 am – 12:30pm +++++++++++++++++++++++++++++++++++++++++++++++++++++ (1a) X=80=-9.8|80-70=Y|z=5 50/2 X=80-9.8 | Y | z=25 X = 70.2 | (1b) (i) Increasing returns ( level 0 to level 2) (ii) Decreasing returns ( level 3 to level 6) (iii) negative returns ( level 6) (1c) The law of diminishing returns states that if increasing quantities of one factor are combined with a fixed supply of others in productions, a point is reached from which each extra variable factor added yields loss and less addition to the total output. (1di) DRAW THE GRAPH (1dii) (i) The total product at any given level of labour input is equal to the sum of all the marginal product up to that (ii) The MP is zero of the point where TP is maximum ============================================= (3a) Consumer goods can be defined as goods that mainly used for immediate purpose and which can not last long before