show all your work for the problems requiring calculations.

1.Distinguish between short-run and long-run time frames.

2.Explain the concept of diminishing marginal returns.

\fLabor Output (L) (0) 9 20 36 44 5 5025 Cost (dollars per unit] 20 15 LRAC 10 S 5 10 15 20 25 30 Quantity (units per hour)