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Suppose that smokestack filters are such that initial investments in filters yield high reductions in pollution, but as additional filters are added the marginal reduction in pollution declines. You can now think of the firm as using two additional inputs, pollution vouchers and smokestack filters, to produce x output legally. Does the overall production technology now have increasing, constant, or decreasing returns to scale?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9437856

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