Sample Essay
A company should always make sure that its practices and strategies are earning it profits rather than making them lose. It has to see that the least-cost combination of inputs is being used. This means that the company should produce the best quality possible products in the least possible cost. This would ensure the highest profits and keep competitors away.
Considering an example, Subway lives up to this concept of least-cost combination. The products it sells are not all that expensive therefore most people can afford it. The reason behind it not being expensive could be that the restaurant makes sure to keep its production costs, that is, the cost of the factors of production, at the lowest possible level. This allows it to keep the price low as well and thus attract customers.
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