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Abstract: 5 pages in length. An economic paper covering the stages of production as well as average costs, marginal costs, average revenues, marginal revenues and charts and graphs. The changing relationship between input and output can also be described as the stages of production. Stage I is where we experience increasing returns to the variable factor. Stage II is the area of diminishing returns; Stage III is the area of negative returns.
Subcatagory: Economics And Economic Theory