For a constant returns to scale production function a. marginal costs are constant but the average cost curve has a U-shape. b. both average and marginal costs are constant. c. marginal cost has a U-shape; average costs are constant. d. both average and marginal cost curves are U-shaped.
For a constant returns to scale production function a. marginal costs are constant but the average cost curve has a U-shape. b. both average and marginal costs are constant. c. marginal cost has a U-shape; average costs are constant. d. both average and marginal cost curves are U-shaped.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 6SQP
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