Question

Enlist the principles of the farm management.

Answer 1

Answer:

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.

Answer 2

Answer:

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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