Microeconomics Assignment 2022

Running head: MICROECONOMICS
Microeconomics
Name of the Student
Name of the University
Student ID

MICROECONOMICS1
Table of Contents
Answer 1..........................................................................................................................................2
Answer 2..........................................................................................................................................3
Answer 3..........................................................................................................................................4
Answer 4..........................................................................................................................................4
Answer 5..........................................................................................................................................5
Reference.........................................................................................................................................8

MICROECONOMICS2
Answer 1
Figure 1: Production function with diminishing productivity of labour
Source: (Created by the Author)
Figure 2: Total cost curve
Source: (Created by the Author)
Due to the diminishing marginal productivity of labour the production function is
inverted J-shaped, which is based on the law of diminishing marginal returns (Layson 2015). It
means that with increase in one unit of labour the productivity of labour falls.