Shomu BanerjeeECON 201COST MINIMIZATION #3Suppose a firm has a production function:y=1x2=x11/2x21/2where yis the output and x1and x2are inputs. The marginal productivity for theinputs is given byMP1=x21/22x11/2and MP2=x11/22x21/2.(a)Calculate the firm’s technical rate of substitution. (
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