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
1
Expert's answer
2012-08-14T09:09:06-0400
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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