Question: Please answer with explanation. 1. Draw a correctly labeled graph of a production function that exhibits diminishing returns to labor. Assume labor is the variable

Please answer with explanation.

1. Draw a correctly labeled graph of a production function that exhibits diminishing returns to labor. Assume labor is the variable input and capital is the fixed input. Explain how your graph illustrates diminishing returns to labor. 2. Use the data in the table below to graph the production function and the marginal product of labor. Do the data illustrate diminishing returns to labor? Explain. Quantity of labor Quantity of output 19 36 75 84 91 96

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