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1. Explain the differences between a short-run and long-run production function. 2. Describe the key points in a short-run production function that delineate the three
1. Explain the differences between a short-run and long-run production function.
2. Describe the key points in a short-run production function that delineate the three stages of production. Explain the relationship between the law of diminishing returns and the three stages of production.
3. Fill in the table
Output | Total Cost | Total Variable Cost | Total Fixed Cost | Marginal Cost | Average Cost | Average Variable Cost | Average Fixed Cost |
0 | 40 | - | - | - | - | ||
1 | 40 | ||||||
2 | 68 | 28 | |||||
3 | 128 | 20 |
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