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1. Find the amounts of each inputs that maximize revenue (ie the price times the quantity of output produced from those amounts of inputs) minus the cost of those inputs.
2. First find the cost minimizing combination of inputs that yield each level of output and then find the level of output that maximizes revenue minus cost (ie the lowest cost way of producing that amount of output).
These 2 methods are equivalent, producing the same optimal production plan.
Are both scenarios True or False?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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