Microeconomics: Briefly discuss the relationship between the conditional factor demand and the cost function. What does...
Microeconomics:
Briefly discuss the relationship between the conditional factor demand and the cost function. What does concavity of the cost function in factor prices imply for the effect of own factor price on conditional factor demand? Explain briefly.
Homework Answers
1):-In economics conditional factor demand and cost factor are related in this way that conditional factor of demand is cost- minimizing level of an input such as capital and labor used to produce given level of output in given unit input cost of the input factor.
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