) “Since peaking in 1976, per capita beef consumption in the United States has fallen by 28.6 percent. [and] the size of the U. cattle herd has…1. Short-run production . a. What is the key feature of short-run production?

1. Short-run production

. a. What is the key feature of short-run production?

b. One key assumption for the short-run production is diminishing returns to labor. Explain what it means, how is Malthus’s view regarding population and standard of living relate to this concept? What has Malthus missed when he made the prediction?

c. What does diminishing returns related to the concepts Total Cost , Marginal Cost, Average Variable Cost, Average Fixed Cost, Total Product , Marginal Product, Average Product, etc? Use graphs to show.

d. Evaluate the relevance of this assumption of diminishing returns to labor in modern production.