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Write down what returns to scale definitions tell you. Check the following pro- duction functions where labor and capital are used as input.

Write down what returns to scale definitions tell you. Check the following pro- duction functions where labor and capital are used as input. For each of them decide whether the function exhibits decreasing, constant or increasing returns to scale.

(a)  Y =F(K,L)= K1/3L4/5

(b) Y =F(K,L)= 3K+2L

(c)  Y =F(K,L)= sqrt(L+K2)

(d) Y =F(K,L)= min{3K,2L}

Calculate the MRTS for all the functions above

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