Draw and explain the stages of production in economics
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The three stages of short-run production are readily seen with the three product curves--total product, average product, and marginal product. A set of product curves is presented in the exhibit to the right. The variable input in this example is labor. The top panel contains the total product curve (TP)
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The three stages of short-run production are readily seen with the three product curves--total product, average product, and marginal product. A set of product curves is presented in the exhibit to the right. The variable input in this example is labor. The top panel contains the total product curve (TP).
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