Asked by Anthony Tortora on Jul 16, 2024
Verified
The optimal method of production maximizes cost for a given level of output.
Optimal Method
The most efficient way of achieving a desired outcome or solving a problem, based on current resources and conditions.
Minimizes Cost
The process or strategy of reducing expenses to the lowest possible level.
- Calculate the optimal method of production based on the cost of capital and labor.
Verified Answer
AC
Alexis chaidezJul 18, 2024
Final Answer :
False
Explanation :
The optimal method of production aims to minimize cost for a given level of output, not maximize it.
Learning Objectives
- Calculate the optimal method of production based on the cost of capital and labor.
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