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In the production or operations process a large variety of production means are combined in order to produce the planned output(s). When the ratios between
In the production or operations process a large variety of production means are combined in order to produce the planned output(s). When the ratios between combinations of production means are changed, the magnitude of the output which is produced therewith usually also varies. This phenomenon is the result of the operation of the law of diminishing marginal returns. Discuss in full the operation of the law of diminishing marginal returns including its relationship with economies of scale.
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