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Statement I The least-cost or optimal input combination of labour capital...

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Economics
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Statement I The least-cost or optimal input combination of labour capital requires that the marginal revenue productivity ratio of the two inputs should be equal to their price ration.
Statement II In a hypothetical production function of the following from Q = L3 + 15L2 + 10
Where Q = Quantity of the product and L = No. of variable input (labour) the marginal physical productivity of labour is L2 + 15L + 10

Answer & Solution
Correct Answer: Option D
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