understanding the firms input-output function (production technology) and the input prices the firms faces, and then deciding how much of each input to use for a given level of output..
understanding the firms input-output function (production technology) and the selling prices the firms faces, and then deciding how much of each input to use to produce a given output level..
knowing the firms selling price and the input prices the firms faces, and then deciding how much of each input to use for a given level of output..
understanding the firms input prices and selling prices, and then deciding how much of each input to use for a given level of output..