Least-Cost Rule Repeat Exercise 37 for the production function given by
Least-Cost Rule The production function for a company is given by
(a) Find the numbers of units of labor and capital needed to meet the production goal while minimizing the cost.
(b) Show that the conditions of part (a) are met when
This proportion is called the Least-Cost Rule (or Equimarginal Rule).
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Chapter 7 Solutions
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