2. The following statements are either true or false. If true provide a proof. If false provide a counter example. Assume Y is non empty. You may use the aid of diagrams. i. Every technologically efficient production plan is on the boundary of Y. ii. Every production plan y E Y that lies on the boundary of Y is efficient. iii. If Y is convex and exhibits the no free lunch property, then it exhibits non increasing returns to scale. iv. If Y exhibits non increasing returns to scale, then it exhibits irreversibility. v. If Y exhibits constant returns to scale, then it is convex. vi. If Y exhibits non decreasing returns to scale, then it is violates the no free lunch property.
2. The following statements are either true or false. If true provide a proof. If false provide a counter example. Assume Y is non empty. You may use the aid of diagrams. i. Every technologically efficient production plan is on the boundary of Y. ii. Every production plan y E Y that lies on the boundary of Y is efficient. iii. If Y is convex and exhibits the no free lunch property, then it exhibits non increasing returns to scale. iv. If Y exhibits non increasing returns to scale, then it exhibits irreversibility. v. If Y exhibits constant returns to scale, then it is convex. vi. If Y exhibits non decreasing returns to scale, then it is violates the no free lunch property.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Transcribed Image Text:2. The following statements are either true or false. If true provide a proof. If
false provide a counter example. Assume Y is non empty. You may use the aid
of diagrams.
i. Every technologically efficient production plan is on the boundary of Y.
ii. Every production plan y E Y that lies on the boundary of Y is efficient.
iii. If Y is convex and exhibits the no free lunch property, then it exhibits non
increasing returns to scale.
iv. If Y exhibits non increasing returns to scale, then it exhibits irreversibility.
v. If Y exhibits constant returns to scale, then it is convex.
vi. If Y exhibits non decreasing returns to scale, then it is violates the no free
lunch property.
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