Which of the Following Conditions Indicate Cost Minimization,assuming Two Inputs,labour

question 88

Multiple Choice

Which of the following conditions indicate cost minimization,assuming two inputs,labour (L) and capital (K) ?

• A)P_K ∙ MP_K = P_L ∙ MP_L
• B)MP_L = MP_K
• C)MP_K/P_K = MP_L/P_L
• D)MP_K/P_L = MP_L/P_K
• E)P_K = P_L

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Definitions:

ASME

American Society of Mechanical Engineers, a professional association that sets codes and standards for engineering to ensure the safety and reliability of products and services.

Mechanical Engineers

Professionals who use principles of physics and mathematics to design, analyze, manufacture, and maintain mechanical systems.

American Society

An organization or association in the United States dedicated to a specific cause, profession, or field of study.

Snap Rings

Circular, semi-flexible metal rings with open ends that fit into grooves and are used to secure components on shafts or in housing.