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Below three stages of production (Stage I, II, III) are given in upper graph: (a). what each stage is showing? Why 3 stages? Why not

Below three stages of production (Stage I, II, III) are given in upper graph:

(a). what each stage is showing? Why 3 stages? Why not more than 3?

(b). How would you relate upper and below graph?

(c). which stage of production is more profitable for a firm?

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