Question: 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

True

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

True

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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