Question

What are the three concepts of production? Explain with diagram .

Answer 1

Explanation:

All the three stages together constitute what is broadly called the Law of Variable Proportions. In stage 1, marginal product exceeds average product. In our example, stage 1 starts when the amount of labour is equal to zero and continues up to the point where 3.75 units of labour are employed.

Answer 2

Answer:

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Explanation:

All the three stages together constitute what is broadly called the Law of Variable Proportions. In stage 1, marginal product exceeds average product. In our example, stage 1 starts when the amount of labour is equal to zero and continues up to the point where 3.75 units of labour are employed.