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ECO 641 - Chapter 1

Answers to Aaron Lowen's GVSU ECO 641 chapter 1 study guide

QuestionAnswer
Define carefully the concept of a production function.
How can a firm "discover" its production function?
Why is the identification of the production function a process of "discovery"?
Describe the distinction between the short run and long run.
ยท What kinds of inputs are fixed in the "long run"?
How long is the long run?
Graph the generic total product
Graph the marginal product
Graph the average product curves
Created by: marissam06