Production function indicates the associated

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For a given combination of inputs, a production function indicates the associated

Average cost of production.

Marginal cost of production.

Maximum output level.

Minimum output level.

In the long run, can a firm change its scale of operation?

Yes. This is a key decision in the long run.

Yes, but only if technology changes.

No. Scale cannot be changed in the long run.

No, unless there are returns to scale.

Reference no: EM131745270

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