function for a firm manufacturing fertiliser

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Question 1a)     Distinguish between fixed and variable inputs, using examples.      How does the economist differentiate between the short run and the long run?                                                   (6 marks)b)     Consider the following production function for a firm manufacturing fertiliser. Derive the     average product (AP) and marginal product (MP) from the following information supplied     and include the values in a table:    ______________________________________________________________        Number of    0    1    2    3    4    5    6    7            Workers    ______________________________________________________________        Total Product        (Tonnes of fertiliser)                  0             20         44           60        72    80           84     84            _______________________________________________________________       i)    Draw a graph of the total product (TP) curve.ii)    Draw a graph of marginal product (MP) and average product (AP).    iii)    Explain why Marginal Product equals Average Product when the Average             Product is at its maximum.                                                           (4 marks)Question 2a)     Governments of market economies often intervene in markets. State at least two reasons             why governments do this.                                                                                                                                                        (4 marks)b)    Go to any website familiar to you, and look for the following data on Australia for the             period 2000  to 2015:    i)        real GDP growth rates    ii)        unemployment rates                (You could use the World Bank website to find data eg. GDP growth rates. From the             home page at http://www.worldbank.org/, click the “data and Research” tab, then search             on ‘GDP’. You can also use the Australian Bureau of Statistics website www.abs.gov.au .                                                                                                                                     You are required to present this data both in a table and time-series line graphs.                                                                                                                                               (4 marks)    State what has been the state of the Australian economy for the last 15 years? Identify the periods when there was growth and when there was contraction in the economy. What happened to the unemployment rates during these periods? Explain fully.                                             (2 marks)Presentation and referencing                                      Include at least three references for your assignment    A hard copy of your written assignment is to be submitted into your lecturer’s locker on level 4 by the due date and time.  You will need to include an Assignment Cover Sheet, available from the portal, under “Forms”. Assignments received after the due date or without the Assignment Cover Sheet will be penalised accordingly.Graphs should be clearly presented with relevant axis labels and a title given to each graph.Note: all graphs and data need to be properly labelled and correctly referenced.        For Question 1b), the graphs can be hand-drawn if you are having problems with using the computer to do so.You are limited to 1200 words (you are allowed 10% over or under the limit). The words in the graphs or tables and bibliography do not count toward the word limit.Your assignment should include a footnote identification (name and student ID) on the bottom left hand side, and page numbers, on the bottom right hand side of the page.Use 1.5 or double-spacing.Up to three marks will be deducted for insufficient referencing and wrong approach in in-text citation and poor presentation.

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