Ahammer manufacturer has just hired you to advise the firm on its production costs. in your first meeting with production managers, you hear the following statements. state if the statements are true or false and give a detailed explanations for your answer.1. "if the production process is subject to diminishing returns, the long-run average cost curve will be positively sloped."2. "at the current output level, this factory is subject to diminishing returns. therefore, the firm is operating along the upward"-sloping portion of its short-run marginal cost (smc) curve."3. "at the current output level, this factory is subject to diminishing returns. therefore, the firm is operating along the upward-sloping portion of its short-run average total cost (satc) curve."4. the short-run average total cost of producing 250 hammers is less than the short-run average cost of producing 260 hammers. therefore, the short-run marginal cost of 260 hammers is less than the short-run average cost of 260 hammers."