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The following statements are either true or false. If true provide a proof. If false provide a counter example. Assume Y is non empty. You may use the aid of diagrams. i. Every technologically efficient production plan is on the boundary of Y . ii. Every production plan y ∈ Y that lies on the boundary of Y is efficient. iii. If Y is convex and exhibits the no free lunch property, then it exhibits non increasing returns to scale. iv. If Y exhibits non increasing returns to scale, then it exhibits irreversibility. v. If Y exhibits constant returns to scale, then it is convex. vi. If Y exhibits non decreasing returns to scale, then it is violates the no free lunch property.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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