There are two production plants for producing widgets out of labor and capital. Plant 1's weekly production
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and plant 2's weekly production function is
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a. Do these technologies satisfy the Productive Inputs Principle?
b. Derive the MRTSLKfor each of the plants at input combination ( L, K). Do the plants have declining MRTSs?
c. Do the plants have increasing, decreasing, or constant returns to scale?
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a These technologies satisfy the Productive Inputs Principle b The firms MRTS LK at input combin...View the full answer
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