Social Sciences, asked by balogunamaru, 2 months ago

with the aid of geometry, discuss three stages of production and highlight the major economic intuitions inherent in each stage

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Answered by Sirat4

0

Answer:

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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