If the MPx/Px is less than the MPY/Py, the firm should use more ofBoth X & Y inputsO Input XO Input YONeither X nor Y as it is impossible to figure out All of the above

Marginal product refers to additional product that occurs by employing one more unit of input.

Answered: If the MPx/Px is less than the MPY/Py,…

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If the MPx/Px is less than the MPY/Py, the firm should use more of O Both X & Y inputs O Input X O Input Y

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

If the MPx/Px is less than the MPY/Py, the firm should use more of
Both X & Y inputs
O Input X
O Input Y
ONeither X nor Y as it is impossible to figure out All of the above

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