Question 4 (Technology) Determine whether the following production functions have constant returns to scale, decreasing returns to
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Question 4 (Technology) Determine whether the following production functions have constant returns to scale, decreasing returns to scale, or increasing returns to scale:
a) f(x1, x2)= 2x10.6x20.6
b) f(x1, x2)= x1+min(x1, x2)
c) f(x1, x2)= x11/2+x21/2
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