Question: 4 Question a) Define the following properties in the context of a firm's technology: i) Convexity; ii) Additivity iii) Constant returns to scale Examine with

4 Question

a) Define the following properties in the context of a firm's technology:

i) Convexity;

ii) Additivity

iii) Constant returns to scale

Examine with proof the relationships among these concepts.

b) Question about a competitive firm's profits.

Comment on your results.

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