Sketch the Graph of the Convex Hull of S A)


B)

C)


D)

question 9

Multiple Choice

Sketch the graph of the convex hull of S.
- $\operatorname{In} \mathfrak{R}^{2}, \text { let } \mathrm{S}=\left\{\left[\begin{array}{l}0 \\3\end{array}\right]\right\} \cup\left\{\left[\begin{array}{l}\mathrm{x} \\0\end{array}\right]: 0 \leq \mathrm{x} \leq 4\right\}$

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Definitions:

Decreasing-cost Industry

An industry in which costs per unit decrease as the scale of operation increases, often due to economies of scale.

Downsloping

A characteristic of certain economic graphs, such as the demand curve, indicating that as price decreases, quantity demanded increases.

Purely Competitive Firm

A business that operates in a market where there are many buyers and sellers, and it has no control over the market price of its product.

Economic Profit

The difference between a firm’s total revenue and its opportunity costs (including both explicit and implicit).