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Average Anchor Points
If you wish to combine or average out several anchor points select them with the 'Direct Select Tool' and right click. Choose the 'Average ...' option. The two anchor points will be combined into a single point.

Add Anchor Points
Another way to add anchor points to a path in a more precise way is to use the 'Add Anchor Points' under the - Object - Path - submenu. New anchor points are added along a path equidistant between the original anchor points.

Simplify
Reducing the number of anchor points in any path without affecting the shape is equally easy using the - Object - Path - Simplify - command.

Offset Path
This is a great command. You can replicate a path, set off from the path by a specified distance. Using the 'Offset Path' window the paths are offset by distance, the corners can be mitered, round or beveled, and you can set the miter limit (for PBC residents miter limit controls when the program switches from a pointed join to a beveled join).

Clean Up
This command deletes unused type paths and containers from your artwork. You access it under - Object - Path - Clean Up.

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