If the Production Function Is F(x, Y) = X

question 29

True/False

If the production function is f(x, y) = x + min{x, y}, then there are constant returns to scale.

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Definitions:

Dormant

A state of inactivity or rest, where something is temporarily not active or in use but has the potential to become active again.

Organismic Valuing Process

A concept in humanistic psychology which suggests that individuals intrinsically know what is good and beneficial for their personal growth and development, guiding their actions and decisions.

Actualizing Tendency

An innate drive in living organisms towards growth, fulfillment of potential, and the realization of their inherent capabilities, as outlined in humanistic psychology.

Self-Protection

Behaviors or mechanisms employed by individuals to defend themselves against perceived threats to their well-being or integrity.