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Define Production Economics

Define Production Economics

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Martin
It is the application of the principles of microeconomics in production. Based on the theory of firm, these principles explain various cost concepts, output response to inputs and the use of inputs/resources to maximize profits and/ or minimize costs.

Production economics thus provides a framework for decision making at the level of a firm for increasing efficiency and profits
marto answered the question on April 16, 2019 at 12:26

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