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MrsAngelD MrsAngelD
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6 years ago
What is the last dollar rule for cost-minimization? Provide a brief explanation (in words) as well as the corresponding mathematical equality. If the firm is producing at a point where the isocost line is steeper than the isoquant, what does the last dollar rule imply (i.e., where is the last dollar most productive, L or K) and how should the firm alter its capital and labor in the long run?
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Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
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RumkoRumko
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6 years ago
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MrsAngelD Author
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6 years ago
Thanks for your help!!
riptide
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Yesterday
Thanks
zbmallo3
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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