A competitive, cost-minimizing firm has the production function f (x,y) = x + 2y and uses positive amounts of both inputs. If the price of x doubles and the price of y triples, then the cost of production will more than double.

A competitive, cost-minimizing firm has the production function f (x,y) = x + 2y and uses positive amounts of both inputs. If the price of x doubles and the price of y triples, then the cost of production will more than double.

A competitive, cost-minimizing firm has the production function f (x,y) = x + 2y and uses positive amounts of both inputs. If the price of x doubles and the price of y triples, then the cost of production will more than double.



Answer: False