For the cost function Consider the following statements:
I.the function exhibits decreasing average cost.
II.the function is homogeneous of degree 1 in v and w.
III.the elasticity of marginal cost with respect to v exceeds the elasticity with respect to w.
A)none is true.
B)all are true.
C)only I is true.
D)only I and II are true.

Question

For the cost function  Consider the following statements:
I.the function exhibits decreasing average cost.
II.the function is homogeneous of degree 1 in v and w.
III.the elasticity of marginal cost with respect to v exceeds the elasticity with respect to w.
A)none is true. 
B)all are true. 
C)only I is true. 
D)only I and II are true.

Quizplus · Accepted Answer

The Answer of For the cost function  Consider the following statements:
I.the function exhibits decreasing average cost.
II.the function is homogeneous of degree 1 in v and w.
III.the elasticity of marginal cost with respect to v exceeds the elasticity with respect to w.
A)none is true. 
B)all are true. 
C)only I is true. 
D)only I and II are true.

For the Cost Function Consider the Following Statements