Question
1.Two of the most important quantities we've discussed with respect to costminimization are the rate of technical substitution and the input price ratio. What do
1.Two of the most important quantities we've discussed with respect to costminimization are the rate of technical substitution and the input price ratio. What do each represent in the world and why are they often equal at the cost-minimizing input bundle?
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Principles of Economics
Authors: Gregory Mankiw
7th edition
128516587X, 978-1285165875
