Advantages of using the cost minimization approach in determining the objective of profit maximization include:

- Efficiency in Resource Allocation: By focusing on minimizing costs, a firm can allocate its resources more efficiently. This can lead to increased productivity and ultimately higher profits.

- Competitive Advantage: Lower costs can provide a competitive advantage in the market. A firm that can produce goods or services at a lower cost than its competitors can potentially capture more market share and increase profits.

- Flexibility in Pricing: When a company minimizes its costs, it is in a better position to adjust its pricing strategies. Lower costs allow for more flexibility in pricing, which can help maximize profits in different market conditions.

- Improved Cash Flow: Cost minimization can result in improved cash flow for a company. By reducing expenses, a firm can increase its cash reserves, which can be reinvested in the business or used for other strategic purposes.

- Enhanced Profit Margins: Ultimately, the main benefit of cost minimization is the potential for higher profit margins. By keeping costs low, a company can increase its profitability and achieve its objective of profit maximization.

In conclusion, the cost minimization approach is a valuable tool for firms seeking to maximize profits. By focusing on reducing expenses and optimizing resource allocation, companies can improve their competitiveness, increase cash flow, and ultimately achieve higher profit margins.