Production is a process of combining various material inputs and immaterial inputs in order to make...

Production is a process of combining various material inputs and immaterial inputs in order to make something for consumption. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. In the short run some of the inputs will be fixed others will be variable. Analyze the relationship between marginal revenue and total revenue in the short run and bring out the three stages of production using the diagrams.

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Rahul Sunny answered 1 year ago

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