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:

Unenforceable

A term applied to a contract that, because of a law, cannot be enforced by the courts.

Substantive Unconscionability

Unconscionability that derives from one-sided, unjust, or overly harsh substance in a contract.

Maximum Interest Rate

The highest rate of interest that can be charged on loans or credit, often regulated by law to prevent usury.

Business Tort

A wrongful act, other than a breach of contract, that results in injury or damage to another's business interests.