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Lecture Microeconomics: Theory and applications (12/e): Chapter 7 - Browning, Zupan

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Chapter 7 – Production. In this chapter students will be able to: Establish the relationship between inputs and output; define total, average, and marginal product, and explain the law of diminishing marginal returns in the short-run setting when at least some inputs are fixed; investigate the ability of a firm to vary its output in the long run when all inputs are variable; . |

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