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URGENTT A firm has the production function f(x, y) = 30x215 y3/5. a) Calculate the technical rate of substitution when (x, y)=(20, 60). b) Does

URGENTT

A firm has the production function f(x, y) = 30x215 y3/5. a) Calculate the technical rate of substitution when (x, y)=(20, 60). b) Does the law of diminishing marginal product hold for input x? Explain your answer. 1

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