Which of the following is incorrect? As we take the partial derivative of the long-run cots function with respect to the price of capital, we always obtain the conditional demand of capital As we take the partial derivative of the long-run cots function with respect to the price of labor, we always obtain the conditional demand of labor As price of labor (w) and price of capital double, long-run cost always doubles regardless of the production functions O As output doubles long-run cost of production always doubles regardless of the production functions

Which of the following is incorrect? As we take the partial derivative of the long-run cots function with respect to the price of capital, we always obtain the conditional demand of capital As we take the partial derivative of the long-run cots function with respect to the price of labor, we always obtain the conditional demand of labor As price of labor (w) and price of capital double, long-run cost always doubles regardless of the production functions O As output doubles long-run cost of production always doubles regardless of the production functions

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.9P

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