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Commerce Economics Difficulty: Medium

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 = L 3 + 15L 2 + 10 Where Q = Quantity of the product and L = No. of variable input (labour) the marginal physical productivity of labour is L 2 + 15L + 10

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