Define exemplify. exemplify synonyms, exemplify pronunciation, exemplify translation, English dictionary definition of exemplify. tr.v. exÂ·emÂ·pliÂ·fied , exÂ·emÂ·pliÂ·fyÂ·ing , exÂ·emÂ·pliÂ·fies 1. a. To illustrate by example: exemplify an argument. b. To serve as an example of: scenes that...
The law of increasing costs, a commonly held economic principle, states that an operation running at peak efficiency and fully utilizing its fixed-cost resources, will experience a higher cost of production and decreased profitability per output unit with further attempts at increasing production.
Economies of scale is a long run concept and refers to reductions in unit cost as the size of a facility and the usage levels of other inputs increase. More simply put, when more goods can be produced on a larger scale with lower costs, economies of scale is said to be achieved. Law Of Diminishing Returns. The law of diminishing returns (also law of diminishing marginal returns or law of increasing relative cost) states that in all productive processes, adding more of one factor of production, while holding all others constant (ceteris paribus), will at some point yield lower per-unit returns.