I. Production and Cost: One Variable Input 1. True/ False 1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be ...

Mike Smet, Multi-product cost functions: An application to the production characteristics of secondary education in Flanders, Recherches Économiques de Louvain / Louvain Economic Review, Vol. 64, No.

Hence, a justification is provided for the technique of recovering the production function from the cost function by solving the system of equations generated by Shephard's lemma. The alternative ...