Given Y is output, X is input and P is price, profit is maximized when; Select one: O a. MPX = PX/ Py O b. All equations are incorrect. O c. MPy = PY/ PX O d. MVPY = PY In a production function, with increase of the input the product: Select one: O a. Decreases at an increasing rate and then increases at a decreasing rate and achieve a maximum. O b. Increases at an increasing rate and then increases at decreasing rate and achieve a maximum. O c. Increases at a decreasing rate and then increases at increasing rate and achieve a maximum. d. All statements are incorrect