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Following technology function

f(l) = (1/2) l^(1/2) +2

where wage of labor is equal to 1

1. How do I derive the total cost function
2. Is there any range of production characterized by scale economies?
3. Does the production technology exhibit increasing/decreasing/constant returns to scale?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942001

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