Question: Please answer clearly Review Questions: Chapter 3 1. Discuss the four models used to characterize production trends in this chapter. How are they the same?

 Please answer clearly Review Questions: Chapter 3 1. Discuss the four

Please answer clearly

models used to characterize production trends in this chapter. How are they

Review Questions: Chapter 3 1. Discuss the four models used to characterize production trends in this chapter. How are they the same? How are they different? 2. When examining the supply-side of the economy, the focus is on the economy's ability to produce output. Make a list of the major inputs to the production process. 3. Write down a production function that shows how the level of output depends upon the levels of the inputs to production. 4. Define the term "marginal product of labor." Explain the difference between marginal product and average product as measures of labor productivity. 5. Present an example of the law of diminishing returns. 6. How does the concept of decreasing returns to scale differ from the law of diminishing returns

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