illustrate a business example using research data.

Demonstrate how the different variables and costs affect the marginal product, profit, output levels, and returns to scale.

A manager needs to accurately assess his/her production function and cost structure to determine the optimal mix of factors to employ to maximize profit.

Main points to address:

• Off the table in the pictures below, showing sample fixed and variable costs and output at different levels of factor inputs.
• Clarify where the increasing, constant, and diminishing marginal returns are.
• Note where the most efficient output level is.
• Analyze cost data and make an attempt at sensitivity analysis changing data valued based on a realistic scenario (healthcare costs, minimum wage, etc.).
• Please describe in detail.