If the production function is f(x, y) = min(12x, 3y), then there is convexity in production.
Answer: True
If the production function is f(x, y) = min(12x, 3y), then there is convexity in production.
Answer: True
NAIMMCQ
Microeconomics
If the production function is f(x, y) = min(12x, 3y), then there is convexity in production.