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This question is all about theory and estimation of cost in a managerial economics subject. Given the production function Q = 21X + 9X^2 -

This question is all about theory and estimation of cost in a managerial economics subject.

  1. Given the production function Q = 21X + 9X^2 - X^3, where Q = Output, and X = Input, at what value of X does Stage II of the production function begin?
  2. Given the production function Q = 21X + 9X^2 - X^3, where Q = Output, and X = Input, at what value of X does Stage III of the production function begin?
  3. Given the production function Q = 21X + 9X^2 - X^3, where Q = Output, and X = Input, at what value of X does diminishing returns set in?

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