6.6. Economists sometimes prove the law of diminishing marginal returns with the following exercise: Suppose that production

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6.6. Economists sometimes “prove” the law of diminishing marginal returns with the following exercise:

Suppose that production of steel requires two inputs, labor and capital, and suppose that the production function is characterized by constant returns to scale. Then, LK Q 0 100 0 1 100 1 2 100 4 4 100 16 8 100 64 16 100 256 32 100 1024

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