-Based on the figure above,in which quarter or quarters did a peak occur?
Definitions:
Average Product
This metric calculates the output produced per unit of input, such as labor or capital, used in the production process, often used to measure productivity levels.
Law of Diminishing Returns
A principle stating that as more units of a variable input are added to a fixed input, the additional output produced by each new unit will eventually decrease.
Plant Size
The scale or capacity of a factory or production facility, which can affect production efficiency, costs, and the ability to meet demand.
Short Run
A period in economics during which the quantities of at least one input, such as plant size, cannot be changed.
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