In the diagram, curves 1, 2, and 3 represent the total, marginal, and average product curves respectively. total, average, and m
1 answer:
In the diagram (see attachment), curves 1, 2, and 3 represent the: C. marginal, average, and total product curves respectively.
<h3>What is a product?</h3>A product can be defined as any physical object and tangible item that is typically produced by a manufacturer, so as to satisfy and meet the demands, needs or wants of every customer.
In Economics, some examples of products include the following:
- Pencils
- Laptop computers
- Mobile phones
- Television
- Microwave oven
A variable input can be defined as a type of resources which provides the additional (extra) inputs that is required and needed by a business firm in order to expand short-run production. Thus, labor is considered as the most common example of a variable input.
In conclusion, we can infer and logically deduce that curves 1, 2, and 3 in the diagram (see attachment) represent the marginal, average, and total product curves respectively
Read more on variable input here: brainly.com/question/25493860
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