How would a firm determine its optimal method of production?
What will be an ideal response?
The optimal method of production is the production method that minimizes cost.
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A supply schedule shows the relationship between
a. demand and supply b. supply and income c. price and income d. quantity supplied and price e. income and quantity supplied
According to the textbook, if the government had taxed everyone who earned more than $1 million an income tax rate of 100 percent in 2012, the budget deficit for that year would have been completely eliminated
Indicate whether the statement is true or false
Suppose that net exports are -$300 billion and exports are $500 billion. Imports must be equal to
A) $800 billion. B) $400 billion. C) $200 billion. D) -$200 billion. E) There is not enough information to answer this question.
The point on a linear demand curve where revenue is maximized is where
A. the price is the highest. B. elasticity equals 0. C. elasticity equals -1. D. elasticity equals infinity.