If the Production Function Is F (X1, X2)= Min{x1, X2}

question 40

True/False

If the production function is f (x1, x2)= min{x1, x2}, then the cost function is c(w1, w2, y)= min{w1, w2}y.

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Definitions:

Lighthouse

A tall structure with a powerful light at the top, located near or on the shore, providing navigation guidance to maritime pilots at sea or on inland waterways.

Willingness To Pay

The maximum amount that a buyer will pay for a good.

Public Park

An area of natural, semi-natural or planted space set aside for human enjoyment and recreation or for the protection of wildlife or natural habitats.

Tragedy Of The Commons

A parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole.