Production in the Short Run Homework Help that Will Take You a Long Way!
Economics is a subject based on facts and figures. One cannot master economics by using simple mugging up techniques. ‘Production’ is an important chapter that falls under microeconomics. It is imperative to understand the theories before one can actually carry out assignments on a Microeconomics topic such as Production in the short run. Students often do not pay enough attention to their lessons, or even if they do, it is not uncommon to end up in a mess with all the graphs and diagrammatic representations. In such miserable situations, myhomeworkhelp.com can step in with their Production in the Short Run Homework Help team to help students with expert guidance. This way, students can very easily score high grades in their assignments.
Before we tell you how you can ace your assignment with minimum hard work, it is necessary for you to know the a-b-c of this topic.
A Short Note on Production in the Short run
In Microeconomics, the term Short Run refers to the time period during which one factor of production is variable while all other factors of production (like capital and land) remain fixed. Short run production takes place over a short period of time.
Production in the short run has three stages of returns:
- Stage1. Increasing Returns:
During the first stage, Total Product (TP) increases at an increasing rate to the point of inflection and then increases at a diminishing rate. Marginal Product (MP) rises at first, reaches its maximum at the point of inflection and starts then falling. Average Product (AP) rises and reaches a maximum at the end of this stage.
- Stage2. Diminishing Returns:
TP keeps increasing at a diminishing rate and reaches maximum in the end. AP and MP are diminishing but positive.
- Stage3. Negative Returns:
TP starts falling, MP is negative and AP is decreasing but remains positive.
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