Question

Que. No. 21
The expansion path identifies
A) The least cost combination of inputs required to produce various levels of output
B) The various combinations of inputs to produce output
C) The firm's demand curve for the inputs
D) The least cost combination of output
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Answer 1

Answer:

a option is correct

Explanation:

its show a firm produce output lest cost combination of

input this situation show that maximum producer satisfaction situation

Answer 2

The expansion path identifies :

A) The least cost combination of inputs required to produce various levels of output.

• It is represented in terms of a graph where two values are plotted like work and capital and production is noted.
• This is used to see whether optimal ratios are being met or not.
• If the line is proportionate, it shows that the production being done is ideal and the company is reaping profits.
• If the line is not proportionate, production is not ideal and there are a few losses to be dealt with.