Apply any 2 of chapter 6’s Production Theory concepts to a major industry. Describe, qualitatively (no real numbers or data needed), how these concepts would come into play in making production volume, hiring, and any other key business decisions in this organization:
1. Law of Diminishing Returns
2. 3 Stages of Production
3. Production Function
4. Key Factors of Production in that industry
5. Marginal Profit analysis
