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Is an IG Infantry Platoon worth a single KP since it is only one space in the FOC or is each unit in the platoon worth a KP?

Each Unit is worth a Kill point.

If you merge 2-3 squads or however many into 1 Unit.

Then it is now only 1 Killpoint for the entire "unit"

Also note that each vehicle is an additional kp (except for vehicle squadrons which are one kp for the whole squadron).

Each UNIT is a kp.

IG infantry platoons can combine squads to reduce your kp total. So a platoon of 1 pcs and 5 squads would ordinarily be 6 kp. Combined, they become 2 (the PCS remains un combined).

Each UNIT is worth a KP, even though they only take one CHOICE on the FoC selection.

As such, a Platoon is worth between 2 and 20 KP.
2 for a PCS and 2-5 Combined Infantry Squads and 20 for a Max Platoon with Chimeras.