Suppose a firm produces a final good y using two inputs x1 and x2. The firm's technology is best characterized by a production function y = f(x1, x2) given by f(x1, x2) = 2x 1/4 1 x 3/4 2 where x1 and x2 are the amount of input 1 and input 2 employed by the firm.

Derive the derive the technical rate of substitution (TRS). What does the TRS represent? e) Does this production function exhibit constant, increasing, or decreasing returns to scale?