A least-cost combination of inputs requires that the marginal product per dollar spent on each variable input be equal.
Correct Answer:
Verified
Q1: The marginal rate of technical) substitution is
Q3: The marginal product of a variable input
Q4: The short run is a period so
Q5: With output held constant, for a combination
Q6: For each possible combination of inputs, the
Q7: A production function is a mathematical statement
Q8: The long run is a period of
Q9: The long run is a period of
Q10: At the point where MPL is equal
Q11: The marginal product of a variable input
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents