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 ...

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.

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 ...