Marginal cost curve passes through the minimum point

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Reference no: EM13802532

1. In case of a Giffen good, income effect dominates substitution effect.

True or False

2. All the points along the demand curve share the same elasticity.

True or False

3. Production function q = 2L + 3k^2 exhibits increasing returns to scale. True or false?

4. Assume that utility function is U(x,y) = xy2. The marginal rate of substitution between x and y changes if the amount of both goods doubles.

True or False

5. The marginal cost curve passes through the minimum point of the average fixed cost curve.

True or False

Reference no: EM13802532

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All the points along the demand curve share same elasticity : In case of a Giffen good, income effect dominates substitution effect. All the points along the demand curve share the same elasticity. The marginal cost curve passes through the minimum point of the average fixed cost curve.

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