Question: Answer the following questions: 1. Explain the relationship between the Production Curve and efficient production? 2. If the marginal product is increasing what happens to

Answer the following questions:

1. Explain the relationship between the “Production Curve” and efficient production?

2. If the marginal product is increasing what happens to the marginal return?

3. Explain Diminishing Marginal Returns.

4. Why does the Marginal Product Curve have peak then begin to decline?

5. Explain the “Average/Marginal Rule.”

6. Explain how a firm can find their profit-maximizing quantity of output?

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