Using the Points on the Diagram Below, Identify Which Combinations

question 16

Essay

Using the points on the diagram below, identify which combinations of these points illustrate diminishing returns to capital.Give a brief explanation to support your answer. Alt text for Question 101: For question 101, a graph illustrating diminishing returns to capital
Long description for Question 101: The x-axis is labelled, capital per hour worked, K/L.The y-axis is labelled, real GDP per hour worked, Y/L.3 concave curves originating from 0 at the vertex are shown.5 points A ($50000, 15000), B (60000, 16000), C (70000, 16400), D (60000, $17000), and E (60000, 15000)are plotted.The curve labelled, Production function 1, passes through point E.The curve labelled, Production function 2, passes through points A, B, and C.The curve labelled, Production function 3, passes through point D.These 5 points are connected to their respective coordinates on the x and y-axis with dotted lines.

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