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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

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.

To determine
A production function and total cost curve

Explanation

Figure – 1 shows the production function.

Figure –1

Figure – 1 shows the production function; here, the vertical axis measures the quantity of output and the horizontal axis represents the quantity of labor. The production function is a concave curve because of diminishing marginal product.

Figure – 2 shows the total cost curve

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