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1. Stage one.
This where marginal product is greater than average product. The total product curve increases at an increasing rate up to a certain level where it starts increasing at a decreasing rate. In this stage the factor inputs are not fully utilized. It ends where average product is at maximum.
2. Stage two.
In this stage average product is greater than marginal product. Th total product curve increases at a decreasing rate up to where the total product is at maximum and marginal product equal to zero.
3. Stage three.
Total product curve start decreasing while marginal product is less than zero. As we increase the variable inputs the curve continues to decrease. This is a stage of negative returns.
Jonmhumble answered the question on October 26, 2017 at 15:53
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