Question: True or False. For this question you do not need to provide detailed answers. a. The production function = 0.5 0.5 exhibits constant returns to

True or False. For this question you do not need to provide detailed answers. a. The production function = 0.5 0.5 exhibits constant returns to scale. ________________ b. The AVC curve goes through the minimum of the MC curve. ___________ c. The cost-output elasticity equals 1.4 implies that there are diseconomies of scale. _______________ d. A firm maximizes profit by operating at the level of output where marginal revenue equals marginal cost. ______________

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