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Explain the law of diminishing marginal returns Isoquants can be convex linear or L-shaped. What does each shape tell you about the nature of the production function What does each of these shapes

Explain the law of diminishing marginal returns Isoquants can be convex, linear or L-shaped. What does each shape tell you about the nature of the production function? What does each of these shapes of isoquants tell you about the marginal rate of technical substitution (MRTS)? 2. (a) (b) (c)

Apr 06 2020 View more View Less

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