Question

what are the stages of production function​

Answer 1

There are 3 stages in the production function.

Explanation:

• The three stages are total product, average product, and marginal product.
• In stage 1, which is also known as the short-run product stage; and in this stage when the variable input is added to fixed input there will be an increase in the marginal product of the variable input.
• In stage 2, if variable input is added to fixed input we can see a decrease in the marginal product.
• In stage 3, the law of marginal return causes a decrease to marginal product and will result in a negative value.