ECO 365 Week 2 Complete Principles of Microeconomics UOP

ECO 365 (Principles of Microeconomics)Week 2ECO 365 Week 2 DQ 1What is average productivity? What is marginal productivity? Explain the relationship between marginal and average productivity. What would happen to marginal and average productivity if a technological innovation is introduced to the production process?ECO 365 Week 2 DQ 2What is the law of diminishing marginal productivity? Give an example from your workplace of the law of diminishing marginal productivity? Might diminishing marginal productivity impact the costs?ECO 365 Week 2 DQ 3Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income?· ECO 365-Week 2 Supply and Demand Simulations (900+ Words)· Eco 365-Week 2 Learning Team Organization/Industry Paper (1200+ Words)