Do you agree that models that include quadratic functions (e.g., 𑦠= ð›½0 + ð›½1ð‘¥1 + ð›½2ð‘¥1^2 + ð‘¢) can be useful in determining whether a variable exhibits decreasing returns but they cannot determine increasing returns? Explain.
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Decreasing returns occur when the marginal output of a variable decreases as the input of that variable increases. In other words, adding more of that variable leads to smaller and smaller increases in output. Increasing returns, on the other hand, occur when the Show more…
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