Question: Please help answer the questions below. Thanks 1. Set out and discuss the producer equilibrium 2. Explain the connection between technology and costs in both

Please help answer the questions below. Thanks

1. Set out and discuss the producer equilibrium

2. Explain the connection between technology and costs in both the short-run and the long-run

3. Discuss the following:

(a) Marginal Rate of Technical Substitution (MRTS)

(b) Diminishing, constant and increasing returns to scale

(c) Production function

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