Working on Costs and Costs minimization using the microeconomics text book: https://www.academia.
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Working on Costs and Costs minimization using the microeconomics text book:

https://www.academia.edu/33780040/David_Besanko_Ronald_Braeutigam_Microeconomics_Wiley_2013_

here, the book wasn't really being specific about the definition of "cost-minimizing input" and "cost-minimizing output".

I feel like cost-minimizing input is referring to the wage (w) and rental price of capital (r) from the equation of Total Cost = rK + wL.

and I feel like cost-minimizing output is referring to the capital (K) and labor (L).


is my assumption correct? googling didn't work so any insight would be great.

Thanks!

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Unfortunately your assumption is not quite... View the full answer

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