1. The image below shows level curves of the Cobb-Douglas production function f(x, y) = x2/y /3, as well as the budget constraint x +
1. The image below shows level curves of the Cobb-Douglas production function f(x, y) = x2/y /3, as well as the budget constraint x + y = 3.78. 3 Here f(x, y) describes the production of a good given quantities of raw materials x and y, and the constraint * + y
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