Question 11
Use the following production and cost data of a profit-maximizing firm to answer the questions below
At what level of input have diminishing marginal returns set in
| Unit of total input | Total output | TFC | TVC |
| 0 | 0 | 100 | 0 |
| 1 | 3 | 100 | 100 |
| 2 | 8 | 100 | 124 |
| 3 | 16 | 100 | 172 |
| 4 | 20 | 100 | 190 |
| 5 | 22 | 100 | 200 |
At what level of input have diminishing marginal returns set in
Objective