Question: A. Introduction 1. At what point are changes in marginal product of special interest? 2. What are the stages of production based on? B. STAGE

A. Introduction 1. At what point are changes in marginal product

A. Introduction 1. At what point are changes in marginal product of special interest? 2. What are the stages of production based on? B. STAGE I: Increasing Returns 1. What is the criterion for determining how long total output will rise? 2. When should companies start hiring? C. STAGE II: Diminishing Returns 1. What happens to the rate of increase in total production during this stage? 2. What is the principle of diminishing returns? D. STAGE III: Negative Returns 1. What happens to marginal product during this stage? 2. What happens to total plant output during this stage? 3. What effect does the stage have on hiring

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