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Line 63:
Line 63: − (a) use materials that generate the highest marginal product + − (b) use materials that have increasing returns to scale − (c) use as much material as possible until there are diminishing returns
Economics Homework Six Answers - Student Three (view source)
Revision as of 20:20, October 25, 2009
, 20:20, October 25, 2009no edit summary
12. (Difficult, but try): Your firm seeks to produce a certain level of output in the most efficient way (the lowest cost). It should use its resources in which of the following ways:
12. (Difficult, but try): Your firm seeks to produce a certain level of output in the most efficient way (the lowest cost). It should use its resources in which of the following ways:
(d) use resources such that their marginal products per unit cost are equal
(d) use resources such that their marginal products per unit cost are equal