Plot the short-run variable and marginal cost curves

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Reference no: EM131505063

Question: A firm has the following short-run production functions:

Employment per week Output per week

0 0

1 3

2 7

3 11.5

4 16

5 19

6 21

(a) Plot the average and marginal products of labour on a graph. Does this production function display diminishing marginal returns to labour eventually?

(b) If the wage is £5 per week, plot the short-run variable and marginal cost curves.

Reference no: EM131505063

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