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In your answers, label all intercepts, coordinates, slopes, and axes. The output of a factory is described by the production function f (x1, x2) =
In your answers, label all intercepts, coordinates, slopes, and axes. The output of a factory is described by the production function f (x1, x2) = 93/161362 1. Does input 351 exhibit the Law of Diminishing returns? What about input x2? Explain. 2. What kind of returns to scale does this production function exhibit? Explain. 3. What is the slope of the isoquant through the input combination (8, 5) ? Show your work. Given an English interpretation of the slope
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