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QUESTION ONE (25) One of the principles of production includes that in order to produce goods and services which can be sold, and generate revenue
QUESTION ONE (25) One of the principles of production includes that in order to produce goods and services which can be sold, and generate revenue and profits, a firm must purchase or hire scarce inputs, which are its factors of production. Product curves show the relationship between these additional factors of production such as labour or capital, and how much of a good is actually produced. In terms of the above statement, examine the relationship between the different product curves.
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