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Rising marginal cost and concavity of the production function
Authors:Anthony M. Marino  Yoshihiko Otani  Joseph Sicilian
Affiliation:University of Kansas, Lawrence, KS 66045, USA
Abstract:Suppose a production function, f, is continuous, quasi-concave and weakly monotone on the non-negative orthant of Euclidean n-space. Let c(·, ·) be the associated cost function. Then it is shown that f is concave if and only if for each w, c(w, ·) is convex.
Keywords:
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