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Diminishing technical rate of substitution

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Consider a firm that employs capital k and labor l to produce books. Its production function is given by f(k; l) = k^1/2 l^1/2 . Let the prices for capital and labor be wk and wl, respectively.

Does this production function exhibit constant, decreasing, or increasing returns to scale? Diminishing marginal products? Diminishing technical rate of substitution?

Reference no: EM132414875

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