What is the MP of labor unit 4, 6 and 7? LABOR TOTAL MARGINAL AVERAGE INPUT PRODUCT PRODUCT PRODUCT 0 0 0 50 0 110 60 55 3 300 190 100 450 590 140 118 6 665 700 100 8 725 25 Your answer What is the AP of labor unit 1, 4, 6 and 8? Your answer Determine the point at which diminishing returns occurs. Your answer Indicate the points that delineate the three stages of productions Your answer TRUE OR FALSE: When the Law of Diminishing Returns takes effect, a firm's average product will start to increase. O True False TRUE OR FALSE: Decreasing Returns to Scale occurs when a firm has to increase all of its inputs at an increasing rate in order to maintain a constant rate of increase in its output. True False TRUE OR FALSE: Production function illustrate the varied combinations of inputs at the same level of plant capacity. O True False TRUE OR FALSE: Production refers to all activities involved in the production of goods and services True O False