Enlist the principles of the farm management.
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Law of Substitution or Principle of Least Cost Combination: The objective of profit maximization can be achieved by two ways, one by increasing output and other by minimizing the cost.
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Explanation:
a. Principle of variable proportions or laws of returns.
b. Cost principle.
c. Principle of substitution between inputs.
d. Equi-marginal returns principle or opportunity cost principle.
e. Principle of substitution between products.
f. Principle underlying decisions involving time and uncertainty.
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