QUESTION 1 Which of the following statements is/ are correct i. At the maximum point of the total product curve, average product is equal to zero. ii. Total product start by increasing at an increasing rate and then increase at a decreasing rate as the amount of the variable factor is changed in the short run. iii. When marginal product is at its maximum point, marginal cost is at its minimum value. a) Only ii and iii. b) Only ii. c) Only i and iii. d) Only i, ii, iii and iv

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