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mircoeconomic assignment
Tutorial 7
Question 5

Based on the table below,calculate and fill up the missing values The table below shows the water tumbler production at Drinkware's factory
Output
(unit

Total Fixed
Cost
(RM)

Total
Variable
Cost
(RM)

Total Cost
(RM)

Average
Total
Cost
(RM)

Total
Revenue
(RM)

Marginal
Cost
(RM)

1

5000

450

5450

5450

9.90

-

2

5000

800

5800

2900

19.80

350

3

5000

1000

6000

2000

29.70

200

4

5000

1400

6400

1600

39.60

400

5

5000

1750

6750

1350

49.50

350

6

5000

1900

6900

1150

59.40

150

7

5000

2000

7000

1000

69.30

100

TC=TFC+TVC
TFC=TC-TVC
5450-450=5000

Total Cost(TC)=TVC+TFC

Output
(unit)

Total
Fixed
Cost
(RM)

Total
Variable
Cost
(RM)

Total Cost
(RM)

Average
Total
Cost
(RM)

Total
Revenue
(RM)

Marginal
Cost
(RM)

1

5000

450

5450

5450

9.90

-

2

5000

800

5800

2900

19.80

350

3

5000

1000

6000

2000

29.70

200

4

5000

1400

6400

1600

39.60

400

5

5000

1750

6750

1350

49.50

350

6

5000

1900

6900

1150

59.40

150

7

5000

2000

7000

1000

69.30

100

Average Total Cost
Total Cost(TC) output(Q) Total Revenue
=PxQ

Four (4) categories of resources:
(4 points with explanations and appropriate example * 3 marks = 12Type of marks) (1) LAND
Resources

(2) LABOUR

All natural resources, such as minerals, forests, water, and unimproved land.

Definition

The physical and mental talents people contribute to the production process.

Oil, wood

Example

A person building a house

(3) CAPITAL

Type of Resources

Produced goods that can be used as inputs for further production
Definition

(4)
ENTREPRENEURSHIP
The particular talent that some people have for:
(i) organising the
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