For a firm hiring both labor (L) and capital (C) under conditions of perfect competition, the equation that represents the Least Cost rule is: O MRCC = MRC, = MPc/MPL O MPC/MRPC - MRC /MPL 1 MRPL/MRC, - MRPC/MRCC 1 O MPL/MRC = MPc/MRCC

For a firm hiring both labor (L) and capital (C) under conditions of perfect competition, the equation that represents the Least Cost rule is: O MRCC = MRC, = MPc/MPL O MPC/MRPC - MRC /MPL 1 MRPL/MRC, - MRPC/MRCC 1 O MPL/MRC = MPc/MRCC

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.7P

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The question in the attached image. Please explain the wrong options also

For a firm hiring both labor (L) and capital (C) under conditions of perfect competition,
the equation that represents the Least Cost rule is:
MRCC = MRC, = MPC/MPL
O MPC/MRPC = MRC /MPL = 1
%3D
MRP /MRC, = MRPC/MRCC = 1
O MPL/MRC = MPC/MRCC
%3!

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