Definition of least-cost combination of resources

[Md. Alamgir Hossan]

 
least-cost combination of resources: the quantity of each resource a firm must employ to produce a particular output at the lowest total cost the combination at which the ratio of the marginal product of a resource to its marginal resource cost (to its price if the resource is employed in a competitive market) is the same for the last dollar spent on each of the resources employed.