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QUESTION
Suppose that you are given a cost function c(w,r,x)=wrx 2 and w=r=$1. Then you can conclude that the lowest cost of producing 2 units of output is...
Suppose that you are given a cost function c(w,r,x)=wrx2 and w=r=$1. Then you can conclude that the lowest cost of producing 2 units of output is $4.
a. True
b. False
c. We should know the TRS in order to answer
d. We should the price of output to answer
