Determine Whether the Statement Is True or False

question 111

Essay

Determine whether the statement is true or false.If it is true, explain why it is true.If it is false, give an example to show why it is false.
If gives rise to a (constrained) relative extremum of subject to the constraint , then also gives rise to the unconstrained relative extremum of .

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Definitions:

Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, while holding all other inputs constant.

Diminishing Returns

The decrease in the marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, while other factors are kept constant.

Average Cost

The total cost of production divided by the number of goods produced.