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Diminishing marginal returns

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Reference no: EM131617001

a) Show in a diagram that a production function an have diminishing marginal returns to a factor and constant returns to scale.

b) Under what conditions do the following production functions exhibit decrease, increasing or constant returns to scale?

(i) q = L + K

(ii) q = LaKb (iii) q = La + Ka

Reference no: EM131617001

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