a)does the production function exhibit encreasing or decreasing marginal prducti

Question

a)does the production function exhibit encreasing or decreasing marginal prductivity?

b)label a level of population at which the population is expected to grow. What is the surplus output at that population level?

c)label a level of population at which the population is expected to decline. Why is the population dexlining at this point?

d)label the population at which the economy is in long-run equilibrium. Why is the a long-run equilibrium?

GRAPH

(output) on the left, (labor) underneith X and Y axis then from the corner of that right angle axis a 45 degree straight line (subsistence level of output) then at that same corner point of the right angle a arch like a rainbow (production function) goes through the 45 degree (

Explanation / Answer

If the production function exhibits diminishing marginal productivity from the outset, the TC curve will be increasing at an increasing rate (from the outset). Because the slope of the TC curve is marginal cost (the rate of change in total cost when output is increased) this scenario will lead to an upward sloping MC curve

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