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The total & Marginal Product: 1. Which ones are the variables that represent the production function? Explain each variable and how they relate to each
The total & Marginal Product: 1. Which ones are the variables that represent the production function? Explain each variable and how they relate to each other. 2. Which marginal return pattern takes hold first: increasing or decreasing marginal return? Explain. 3. When the production function reflects diminishing marginal returns: is the total product decreasing at an increasing rate or increasing at a decreasing rate? Explain. 4. What is the effect produced by the fixed resource in the short run as the variable resource increases? Explain
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