Question
Answer the following questions by mentioning whether they are true or false (True/False). And don't forget to give a small explanation on why it is
Answer the following questions by mentioning whether they are true or false (True/False). And don't forget to give a small explanation on why it is true or false.
1- The profit-maximizing level of output for a firm is the point on the production function where the nonprofit curve is tangent to.
2- If the production function is f(x, y) = min{x, y}, then there are constant returns to scale.
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
