Economics · Production Function and Cost
Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R): Assertion (A): If factor prices don't change, the long-run average cost is constant in a linearly homogenous production function. Reason (R): In a linearly homogenous production function, the marginal product of a factor depends on the ratio between the quantity of the factors used. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both (A) and (R) are true and (R) is the correct explanation of (A)✓
- 2Both (A) and (R) are true but (R) is not the correct explanation of (A)
- 3(A) is true, but (R) is false
- 4(A) is false, but (R) is true
Correct answer
Both (A) and (R) are true and (R) is the correct explanation of (A)
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