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1. Differentiate fixed and variable inputs in the production process? 2. What is meant by short run and long run production? 3. Define marginal product
1. Differentiate fixed and variable inputs in the production process? 2. What is meant by short run and long run production? 3. Define marginal product (MP)? 4. In the production of wheat, what are the inputs (factors of production) and what is the output? 5. Elaborate what is meant by limited substitution between inputs and outputs in the short run production analysis? 6. List examples of administrative fixed costs
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