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When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal...

When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal cost is rising. Illustrate and explain graphically.
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Answer #1

As it can be seen in the diagram that MC and MP of labor are opposite of each other in shape.

Since marginal product of the labor is the change in the total product due to hiring an additional unit of labor. The shape of the marginal product of the labor is inverse U shape. Initially MP increases and reaches to maximum and after that it decreases.

marginal cost is the change in the total cost due to producing an additional unit of output. Its shape is U shape.  Initially MC increases and reaches to its minimum and after that it increases. When MP is maximum, the MC is at its minimum point.

All this has been shown in the below diagram.

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