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Law of diminishing marginal product

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Reference no: EM133063830

Consider a firm facing conventional production technology. The short run Production Function has a small range of increasing marginal product (increasing marginal returns) and then is subject to the Law of Diminishing Marginal Product (diminishing marginal returns).

1. Putting quantity on the horizontal axis and dollars on the vertical axis, depict three important curves: Fixed Cost (FC), Variable Costs (VC), and Total Costs (TC). (Note that we are not asking you to depict average cost functions!)

2. Please clearly indicate on this graph the range of quantities where the firm is experiencing (1) increasing marginal returns and (2) diminishing marginal returns.

3. In a few sentences, please justify why you've made this specific classification of increasing/diminishing marginal returns in part

(b). Please upload an MS Word, Adobe PDF, or a picture file (JPEG, TIFF, PNG, BMP only) as your response to this question. Please limit your file size to no more than 5 MBs.

Reference no: EM133063830

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