# Draw a production function that exhibits diminishing marginal product of labor. Draw the...

## Question:

Draw a production function that exhibits diminishing marginal product of labor. Draw the associated total-cost curve. (In both cases, be sure to label the axes.) Explain the shapes of the two curves you have drawn.

## Production Function

The production function represents the various combinations of factors required to produce a good. The production function can include factors like land, labor, capital, natural resources, entrepreneurship, to name a few.

## Answer and Explanation: 1

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View this answerThe diminishing marginal product of labor and the associated total cost curve is given below.

The diminishing marginal product of labor states...

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Chapter 10 / Lesson 8Learn about the law of diminishing returns, or diminishing marginal returns. See the point of diminishing returns graphed and how to calculate it with examples.

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