Please answer these with an explanation. Thank you

Part 1: TRUE or FALSE? (12 points 6 points each) Determine if each of the following statements is true or false or uncertain. Explain your reasoning. All credits are given based on your explanations. 1. Suppose there exist two inputs. At a cost minimizing bundle of inputs, the slope of the isoquant must be the ratio of the factor prices. TRUE FALSE Uncertain Explanation: 2. Assume that an effective government-imposed price on a particular good. The price is set below equilibrium. Now, let the imposed price he removed. Me, False, or Uncan'm'n: Consumer spending on the good will increase only if demand is inelastic. Explain your answer. TRUE FALSE Uncertain Explanation