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2. [11 Marks] Suppose that a firm has the production function f(21, 22) = min{321, 22}. (a) (2 marks) Illustrate this production technology's isoquants.

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2. [11 Marks] Suppose that a firm has the production function f(21, 22) = min{321, 22}. (a) (2 marks) Illustrate this production technology's isoquants. (b) (2 marks) Show that this production technology satisfies the no-free lunch property. (c) (2 marks) Show that this production technology satisfies the free disposal property. (d) (2 marks) Does this production technology have increasing, decreasing or constant returns to scale? Prove your answer. (c) (3 marks) Find the technical rate of substitution (TRS) at inputs (21, 22) = (1,6), (1, 2) (2,6), and (z, z) = (6,6). =

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