4 For each of the following production functions, where y denotes the output and ai, i = 1,2 are inputs,determine if they exhibit constant, decreasing or increasing returns to scale4.a y = 15,r 1 E24.b y = 2x1 + 15x24.c y = min (3x1, 2x2) 2x1 + 15x2

Production Function represents the physical relationship between the input and the output. The…

Answered: For each of the following production…

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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For each of the following production functions, where y denotes the output and ti, i = 1,2 are inputs, determine if they exhibit constant, decreasing or increasing returns to scale a y = 15,/F1E2 by=2x1+ 15.x2 cy =min (3r1, 2x2) 201 + 15x2