Tag Archives | Cost Minimising and Output Maximising Conditions

Some of the the important condition for Cost Minimising and Output Maximising Input Combinations are listed below: Condition # 1. First-Order or Necessary Condition: Both the points at which the firm's cost-minimising input combination subject to an output constraint and output-maximising input combination subject to a cost constraint are obtained, are the points of tangency between an isoquant (IQ) and [...]