Problem
1. Explain the concepts of short run and long run in production. Are they defined by certain periods of time? What is the significance of this type of term variability in production?
2. List as many aspects as you can of the dynamic relationships between total product, marginal product of a variable of your choice, and the average product. Support your explanation with graphs.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.