Question

explain how a producer can reach in equilibrium with concept of least cost combination factors.
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Answer 1

Answer:-

In the theory of production, the profit maximisation firm is in equilibrium when, given the cost-price function, it maximises its profits on the basis of the least cost combination of factors. For this, it will choose that combination which minimizes its cost of production for a given output.

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Answer 2

Answer:

In the theory of production, the profit maximisation firm is in equilibrium when, given the cost-prize function, it maximises its profits of the basis of the least cost combination of factors. For this it will choose that combination which minimizes its cost of production, for a given output.

Hope it helps~