2020 Economics WAEC (WASSCE) Theory Past Questions (Paper 2)

Table 1 below shows the number of workers engaged by an agricultural firm over a period of time.

Study it and answer the questions that follow.

Table 1

(a) Calculate the values of X, Y, and Z

(b) At what level of employment of labour does the firm experience: 

(i) increasing returns 

(ii) decreasing returns 

(iii) negative returns.

(c) State the law of diminishing returnsThe law of diminishing returns says that, if you keep increasing one factor in the production of goods (such as your workforce) while keeping all other factors the same, you’ll reach... More

(d) (i) On a graph sheet, draw the total product and the marginal product curve.

(ii) State any two relationships between the two curves in