Answer to Question #223592 in Economics for Robby

Question

1Explain using a graph , each stage /phase of production returns to labour.
2. Where is TP=0 and what happens to MP curve at a point.
3. Based on your analysis in (2 ) explain the relationship between TP, MPP and the APP.
4. Calculate the elasticities of production
5. Where does the law of diminishing returns set in?explain your answer using a graph

Answer 1

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