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If the production function is f(x 1 ,x 2 ) =min{3x 1 ,x 2 } then the cost function is c(w 1 ,w 2 ,y)=(w
If the production function isf(x1,x2) =min{3x1,x2}then the cost function is c(w1,w2,y)=(w1+3w2)y
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False
Suppose the market is operating at an equilibrium price of $10, putting a price ceiling of $8in place will decreases quantity demanded and increase quantity supplied
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False
The Average Total Cost Curve is decliningwhen the cost of making the next unit exceeds the average variable cost
True
False
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