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When a firm seeks to minimize the costs of production of a given level of output, what does it NOT need to know? Question 9
When a firm seeks to minimize the costs of production of a given level of output, what does itNOTneed to know?
Question 9 options:
a) The technically efficient combination of inputs
b) It's profit-maximizing level of output
c) The economically efficient combination of inputs
d) It's production function
e) None of the above - it needs to know them all.
I am confused between b and e. I know that maximum level of profits does not matter but here we are talking about profit maximizing level of output.
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