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barry1999 barry1999
wrote...
Posts: 476
5 years ago
For productive efficiency to hold,

• price must equal the marginal cost of the last unit produced.

• price must equal marginal revenue of the last unit sold.

the average variable cost must be minimized in production.

• the average total cost must be minimized in production.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
Read 47 times
2 Replies

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Replies
wrote...
5 years ago
the average total cost must be minimized in production.
barry1999 Author
wrote...
5 years ago
Thanks
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