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Answer to Question #12645 in Microeconomics for Srijita Sen

Question #12645
identify the correct statement:
a)strict concavity of production function is vital for profit maximization.
b)strict concavity of production function is necessary for cost minimization.
c)quasi-concavity of production function is necessary for cost minimization.
d)quasi-concavity of production function is all that we need for profit maximization
Expert's answer
b)strict concavity of production function is necessary for cost
minimization.
Because in the lowest point of the production function you will
have the lowest costs.

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