Question: Problem 3. (Technology) a) What can you say about the returns to scale (chose: IRS, CRS or DRS) and MPK (chose: increasing, constant, or decreasing).

Problem 3. (Technology) a) What can you say about the returns

Problem 3. (Technology) a) What can you say about the returns to scale (chose: IRS, CRS or DRS) and MPK (chose: increasing, constant, or decreasing). (2pt) b) Find the (variable) cost function c(y) given that the prices of inputs are wk = WL = 2 (give a function). (5pt)

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