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Minimize Costs
The process of finding strategies and methods to reduce expenses and operational costs to the lowest possible level without sacrificing quality or performance.
Production Function
An equation that describes the relationship between inputs (like labor, capital) and the maximum output that can be produced with those inputs.
Marginal Cost
The rise in overall expenses associated with the production of an extra unit of a product.
Earthquake Detectors
Devices or systems designed to detect and provide early warnings of seismic activity, potentially saving lives and reducing damage.
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