Do the following production functions have increasing, decreasing, or constant returns to scale? Which ones fail...

Do the following production functions have increasing, decreasing, or constant returns to scale? Which ones fail to satisfy the law of diminishing returns?

? = min(??, ??)
?=?₁^0.3 ?₂^0.3 ?^0.3

Expert Solution

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Rahul Sunny answered 8 months ago

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