Consider land and labour as the input for simple short run agricultural production functions. Suppose we plot on the sam
Posted: Sun May 29, 2022 7:05 pm
Consider land and labour as the input for simple short run agricultural production functions. Suppose we plot on the same set of axes, the TPlabour, the APlabour and the MPlabour where the labour is considered the variable factor, and the TPland, the APland and the MPland where land is considered the variable factor; and then define stages of production I, II and III for labour and land