True/False/Uncertain: Answer and briefly explain whether the following statement

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True/False/Uncertain: Answer and briefly explain whether the following statements are true, false, or uncertain. The explanation is more important than the actual "true, false, or uncertain" answer. 1) It is possible to have diminishing returns to a single factor of production but constant returns to scale at the same time. 2) An isoquant slopes downward when the inputs to production exhibit diminishing marginal returns. 3) The short-run marginal cost curve slopes upward when the inputs to production exhibit diminishing marginal returns. 4) Production cost is minimized when the marginal products of capital and labor are equal. 5) For a constant returns to scale technology, doubling all inputs will double the cost of production and also double output. Because the total cost of production increases with additional output, the marginal cost curve is upward sloping. (The first sentence is true. You should address whether the second sentence is true, false, or uncertain.)

Explanation / Answer

5) The second sentecne is also true.

because, we know that, when we produce more additional output, the total cost increases. and the marginal cost is upward sloping. as more more additional output is created, the cost of an extra unit also increased. because inputs being used less and less effectively . The marginal cost is first downward sloping where the firm experience economic of scale and it when firm experience diseconomies of scale, the marginal cost is rising . marginal cost is also rising due to law of diminishing returns.

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