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Consider production function Q = Min{2L.4K}. {i} What is the shape of the isocluants of this production function? Draw and isocluant corresponding to L? =
Consider production function Q = Min{2L.4K}. {i} What is the shape of the isocluants of this production function? Draw and isocluant corresponding to L? = 12. {ii} What is the equation of the expansion path for this production function? {iii} Wh at returns to scale [i.e., increasing, decreasing or constant] does this function exhibit? {is} Does this production function satisfy the law of diminishing marginal returns
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