Economic efficiency and optimal input use is found when:
A) MPX/PY = MPY/PX.
B) PX/PY = MPX/MPY.
C) MRPX = MRPY.
D) none of these.
Correct Answer:
Verified
Q1: If PX = €60,000, MPX = 300
Q2: When PX = €50, MPX = 5
Q3: Technical efficiency and optimal input proportions are
Q4: For a continuous total product function, average
Q5: The law of diminishing returns implies that:
A)a
Q6: The production function Q = -64X0.5Y0.4 exhibits:
A)constant
Q7: The marginal revenue product concept describes the:
A)profit
Q9: If PX = €75,000, MPX = 300
Q10: An irrational employment policy is indicated if
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