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3. Consider a prot-maximizing rm with the following production Jnction: f (11, I: ) = iclx2 . The prices of the two inputs are equal

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3. Consider a prot-maximizing rm with the following production Jnction: f (11, I: ) = iclx2 . The prices of the two inputs are equal to \"'1 = 4 and W3 = 2 , respectively. a} What are the returns-to-scale properties of the rm's production technology. Prove your answer. b) What input combination should he the rm use to produce Q units of output? e} What is the rm's total cost of production as a function of the amount of output, Q? d) What is its marginal and average cost of production? e} Suppose the price of labor falls to $2. What input combination should the rm use nowr to produce Q units of output? What is its total, marginal, and average cost of production

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