1.(a)Explain the role of the manager in the production process.

(b)The "classical" production function is depicted in Figure 5-1, on p. 139 of the textbook,(Bayae, Micheal & Jeffrey, Prince, Managerial Economics & Business Strategy 9th ed. (ISBN978-12592906-19), with three (3) stages of production that are demarcated by the vertical lines in the diagram. Specifically, Stage I of production is the range of the variable input usage up to the first vertical line (variable input usage between the y-axis and the first vertical line) in Figure 5-1; Stage II is the range of variable input usage from the first vertical line to the second vertical line in Figure 5-1 (the middle section of the graph), and State III is the range of variable input usage beyond State II (variable input usage beyond the second vertical line in Fig. 5-1). Carefully describe the characteristics of Stage II of the classical production function with regard to Total Product, Marginal Product, and Average Product of the variable input, labor.

(c)Explain why Stage II is considered the rational stage of production.

(d)What are the limitations of Leontief production function in comparison with Cobb-Douglas production function?