The Optimal Combination of Two Inputs,K and L,can Be Characterized

question 42

Multiple Choice

The optimal combination of two inputs,K and L,can be characterized by:

• A) P_KMP_K = P_LMP_L.
• B) MP_K = MP_L.
• C) P_LMP_K = P_KMP_L.
• D) MP_K /MP_L = P_L /P_K.
• E) none of the above.

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Definitions:

Cross-Price Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating the degree of substitutability or complementarity between them.

Substitutes

Products or services that can replace or serve as alternatives to another, often influencing consumer choices and market competition.

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.

Normal Good

A good for which a rise in income increases the demand for that good—the “normal” case.