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QUESTION
Calculate the marginal products and technical rates of substitution for each of the following technologies. Determine also whether they exhibit...
Calculate the marginal products and technical rates of substitution for each of the following technologies. Determine also whether they exhibit increasing, constant, or decreasing returns to scale.
(a) f(x1,x2) = x1 + 2x2 + 1.
(b) f(x1,x2) = x21 + x22.
