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...Topic page the production function chapter properties of technologies no free lunch non reversibility disposability changing factors in short and long runs diminishing returns mrts run total product average marginal objective to examine how firm industry supply curves are derived introduction up this point we have examined market demand is next will side explore firms minimize costs maximize productive efficiency order produce goods services by effectively combining labour capital develops a process with efficient resource allocation cost minimization assumed given output at minimum definitions used example machines buildings land natural resources...