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- identify whether it best applies to lean businesses (L) or traditional businesses (T). Uses push production.what are the three stages of production? explain with TP, MP, and AP graph PLEASE DON'T COPY PASTE IT FROM GOOGLE OR JUST CHANGE WORDING BY USING SPIN BOTExplain Homogeneous products and give more examples
- (a) Explain the law of diminishing marginal returns in the Theory of Production. (b) Does this law automatically imply that firms have negative returns to production?Short Run Production Relationships List and explain the 3 Short Run Production Relationships Explain who in a business would care about them and how they might be used.What stage of production is efficient region of production in short run?
- Businesses operate in the short run, but do they ever operate in the long run? ExplainEM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity costDiscuss the impact of long run on cost of doing business.