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a)What is meant byCost minimizationfor agiven level of production?Offer an example. b)What isproductmaximization for a given level of cost? Offer anexample. c) Is costminimizationequivalent or

a)What is meant byCost minimizationfor agiven level of production?Offer an example.

b)What isproductmaximization for a given level of cost? Offer anexample.

c) Is costminimizationequivalent or identical the concept ofproduct maximization.True of False.Explain.Please offer examples and the use of graphs where necessary,and state any assumption(s)that youneed to arrive atyourconclusion.

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