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relationship between productivity and cost

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How is a strategic decision based on productivity and costs?

Can you please explain the law of diminishing marginal productivity?

Can you please explain the relationship between productivity and cost?

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Can you please explain the law of diminishing marginal productivity?

Can you please explain the relationship between productivity and cost?

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<br>Can you please explain the relationship between productivity and cost?
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<br>Cost of a producing firm is the value of the factors of production used in producing its output.
<br>Generally, it is not very helpful simply to talk about the cost of a well-defined unit of a well-defined product. Measuring output and cost in a world of changing products is hard. Economists utilize the notion of productivity to solve this problem. Productivity is defined as a measure of output per unit of resource input, instead of the simply the cost of a unit of output. The productivity refers to the society's ability to get more and better output out of then basic resources of the economy. One widely used measure of productivity is output per hour of ...

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