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...Subject commerce paper no and title managerial economics module theory of production law diminishing returns tag com p m table contents learning outcomes introduction some basic concepts function with one variable input relationship between tp ap mp curves l the proportions or marginal assumptions stages summary after studying this you would be able to know about derive learn today key concerns business managers is achieve optimum efficiency in minimizing cost for a given output competitive market firm can survive only if it produce goods services at hence should make an effort minimize maximize level inputs there are questions which confronted while endeavoring these how does change increase quantity optimized reduction technology helps least combination seeks explain answer help economic models that built under hypothetical conditions provides various tools methods analyze provide directions find solutions practical problems transformation resources men material time so on into diffe...