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thanks in advance Now suppose the production function is f(21, my) = $xx?. (a) Does this production function exhibit increasing or decreasing returns? Find the

thanks in advance

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Now suppose the production function is f(21, my) = $xx?. (a) Does this production function exhibit increasing or decreasing returns? Find the cost function for this firm. Does this exhibit increasing, con- stant, or decreasing marginal costs? Find the first-order condition for maximizing pq - C(q). (b) Find and evaluate the second-order conditions of the profit maximizing level of output q, using your cost function from (a). (c) "Increasing returns are inconsistent with perfect competition." Evaluate this statement in light of your preceding answers

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