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- If the production function is f (x1, x2) =min{x1, x2}, then the cost function is c(w1, w2, y) = min{w1, w2}y.

2- The cost function C(y) = 10 + 3y has a marginal cost less than the average cost for all levels of output.

3- Average cost can never rise while marginal costs are declining.

4- If some firm in an industry has the production function F(x, y) = x^3/4 y^3/4, where x and y are the only two inputs in producing the good, then that industry cannot be competitive in the long run.