Given production function Q-K.SLO.S. Let P₁=1, Pg 2.25,and K-4 in the short term. Questions: (1) Find the STC,SAC and SMC. (2) Prove: when the short-term average cost reaches the minimum, the short-term average cost equals to the

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.