least-cost combination of resources
least-cost combination of resources
Glossary micro and macro economics
The following text is used only for educational use and informative purpose following the fair use principles.
We thank the authors of the texts that give us the opportunity to share their knowledge
Economics
Definition of least-cost combination of resources
least-cost combination of resources : the quantity of each resource a firm must employ to produce a particular output at the lowest total cost the combination at which the ratio of the marginal product of a resource to its marginal resource cost (to its price if the resource is employed in a competitive market) is the same for the last dollar spent on each of the resources employed.
Source: http://college.vatc.edu.vn/attachments/article/152/Glossary%20-%20Micro&Macroeconomics.doc
Web site link: http://college.vatc.edu.vn/
Author : not indicated on the source document of the above text
Glossary micro and macro economics
Micro and macro economics glossary index of terms
Definition and meaning of least-cost combination of resources
Meaning of least-cost combination of resources
This is the right place where find the answers to your questions like :
Who ? What ? When ? Where ? Why ? Which ? How ? What does least-cost combination of resources mean ? Which is the meaning of least-cost combination of resources ?
What does least-cost combination of resources mean ?
Alanpedia.com from 1998 year by year new sites and innovations
Main page - Disclaimer - Contact us