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What is the rule for maximum production

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We discussed uses of economic principles in making production decisions on farms. Use marginal product, marginal cost and marginal revenue concepts as needed to answer the following questions.

Question 1: What is the rule for maximum production?

Question 2: What is the input rule for maximum profit?

Question 3: What is the output rule for maximum profit?

Question 4: Why is the maximum profit not at the same level as maximum production?

Reference no: EM132670784

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