1)Draw the classical production function, the APP and MPP curves, and carefully describe the three stages of the production function, and also make a statement about the elasticity of production in each stage?

2)(i) What is Production Economics and what are some of the questions or issues that it attempts to address in the agribusiness context?

(ii) State the law of diminishing returns. Why is this law useful?

(iii) State the law of diminishing marginal returns.

3)For the production function Y 0.5X a. Prove that is the elasticity of production. b. If 1 2 , what are the MPP and APP when X= 4, 9, 16 and 25.