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The role of markets and money answer explanations

Review worked answers and explanations for The role of markets and money. Aligned to OCR Gcse Economics.

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a. Explain Explain the difference between 'total product' and 'average product' in the context of a firm's production. [4 marks] b. Analyse A small T-shirt printing business increases its number of workers from 5 to 6. This leads to an increase in total output from 100 T-shirts per hour to 115 T-shirts per hour. Analyse the impact of this additional worker on the business's marginal product of labour and discuss what this suggests about the business's production efficiency. [6 marks]

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