Which of the following statements is false concerning partial derivatives? Consider the total costfunction where Q is output level.TC-f(Q,r)O The first partial TC with respect to Q gives the instantaneous rate of change of the TC function with respectto output.The second partial of TC with respect to Q gives the instantaneous rate of change of the MC function withrespect to output.The cross partial derivative of TC with respect to Q and then requals the cross partial of TC with respect to rand then Q. order of differentiation does not matter.To minimize this function, the first order conditions (FOC) are to set the first partials equal to zero and solvefor Q and r.The second order partial derivatives give the slope of the original function, TC.

A cost function, otherwise called a loss function or objective function, is a mathematical function…

Which of the following statements is false concerning partial derivatives? Consider the total cost function where Q is output level. TC-f(Q.r) O The first partial TC with respect to Q gives the instantaneous rate of change of the TC function with respect to output. The second partial of TC with respect to Q gives the instantaneous rate of change of the MC function with respect to output. O The cross partial derivative of TC with respect to Q and then requals the cross partial of TC with respect to r and then Q. order of differentiation does not matter. To minimize this function, the first order conditions (FOC) are to set the first partials equal to zero and solve for Q and r. O The second order partial derivatives give the slope of the original function, TC.

Which of the following statements is false concerning partial derivatives? Consider the total cost function where Q is output level. TC-f(Q.r) O The first partial TC with respect to Q gives the instantaneous rate of change of the TC function with respect to output. The second partial of TC with respect to Q gives the instantaneous rate of change of the MC function with respect to output. O The cross partial derivative of TC with respect to Q and then requals the cross partial of TC with respect to r and then Q. order of differentiation does not matter. To minimize this function, the first order conditions (FOC) are to set the first partials equal to zero and solve for Q and r. O The second order partial derivatives give the slope of the original function, TC.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.11P

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