Question: Question 3 Question 3 [16] 3.1. Explain the difference between the short-run and the long-run production function. Cite one example of this difference in a

Question 3

Question 3 [16] 3.1. Explain the difference between the short-run and the long-run production function. Cite one example of this difference in a business situation. (6) comment 3.2. Explain the relationship between the law of diminishing returns and the three stages of production using a graph showing total, marginal and average product.

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