Figure 8-14
The following question(s)refer(s)to the below cost curves for one very small firm in a large market.

-Refer to Figure 8-14.Diminishing returns to the variable factor of production for this firm set in at

Question

Figure 8-14
The following question(s)refer(s)to the below cost curves for one very small firm in a large market.
 
-Refer to Figure 8-14.Diminishing returns to the variable factor of production for this firm set in at

Quizplus · Accepted Answer

Diminishing returns set in when the marginal product of labor begins to decline. This occurs at Q = 6, as the marginal product of labor is 4 at Q = 5 and 3 at Q = 6.

Figure 8-14 The Following Question(s)refer(s)to the Below Cost Curves for One Very