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What Is the L...

Question

What Is the Least Cost Combination?

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Solution

The optimum combination of inputs that is required to produce output at the least possible cost is called the least cost combination.

Also read:

Law of Variable Proportion

The Law of Diminishing Marginal Product and the Law of Variable Proportions

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Q. An economy produces two goods: wheat and rice. These could be produced in only two combinations.
Combination A: Wheat:

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Combination B: Wheat:

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