Production function and costs:

Production Function and Costs a. With output on the vertical axis and number of workers on the horizontal axis, draw a production function with diminishing returns. Draw the resulting total cost curve with total cost on the vertical and quantity on the horizontal axis. b. With costs on the vertical axis and quantity on the horizontal axis, draw and label the following curves with the team work effect for a typical firm: MC (marginal cost), AFC (average fixed cost), AVC (average variable costs), ATC (average total costs). Label the efficient scale