Which cost curves are attributed to the law of diminishing marginal product?

The law of diminishing marginal product states that as additional units of a variable resource, such as labor, are added to a fixed resource, such as capital, the addition to output (marginal product) will eventually decrease after a certain point. This principle directly influences several cost curves in economics.

When the marginal product begins to diminish, the cost to produce each additional unit of output increases. This is reflected in the behavior of total variable cost, total cost, average variable cost, average total cost, and marginal cost:

• Total variable cost rises as more variable inputs are used, leading to increased production. If the marginal product of additional inputs decreases, the total variable cost increases at an increasing rate.

• Total cost incorporates both fixed and variable costs. As the variable costs rise due to diminishing returns, the total cost will similarly reflect this upward trend.

• Average variable cost is affected directly by total variable cost; as variable costs rise with diminishing marginal returns, the average variable cost also increases.

• Average total cost is influenced by both fixed and variable costs. As variable costs increase due to diminishing returns, this also plays a role in the overall average total cost.

• Marginal cost, which measures the cost of producing one additional unit, will similarly