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Two economic graphs: a production function showing diminishing marginal product of labor, and an associated total-cost curve.

Two economic graphs: a production function showing diminishing marginal product of labor, and an associated total-cost curve.

Draw a production function that exhibits a 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. See more