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Diminishing returns to an input occur:
Variable Production Cost
Costs that fluctuate with the production volume, including variable manufacturing overhead, direct materials, and direct labor.
Fixed Production Cost
Costs that do not vary with the level of output, such as salaries, rent, and depreciation of production facilities.
Selling & Admin. Expense
Operating expenses related to selling the product and managing the business, excluding production costs.
Break-Even Point
The level of production or sales at which total revenues equal total expenses, resulting in no profit or loss.
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