Problem
1. What is the production function? List and explain its various types. Also, explain its significance in the managerial decision making context.
2. How would you tie the discussion on the three stages of production: production elasticity, the law of diminishing returns, and the returns to scale?
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.