Capital Labour Total product Average product marginal product 3 0 0 3 1 5 3 3 21 3 5 30 3 7 30 3 9 27 i) Find the Average product and marginal product ii)at the employment of how many units of labour do diminishing returns set in iii) Explain what is meant by the law of diminishing returns iv) Concerning price elasticity of supply ,draw diagrams on unit elastic supply and relatively elastic supply

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A: Marginal revenue of product = Price* Marginal Product

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A:

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A: We can illustrate the definitions of Marginal Product of Labor to answer this question.

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A: Marginal product is the addition to the total product because of one additional input.