ECO 303: Intermediate Microeconomic TheoryProblem Set 7Due Date: April 14th (in the beginning of the recitation).Late submissions will not be accepted.Question 1In the context of ?rm theory, de?ne:(i ) short run(ii ) long run(iii ) diminishing marginal product(iv ) returns to scaleQuestion 2Consider the production function f (x1 , x2 ) = Axa xb . Find the marginal12products of factors 1 and 2.Question 3Find the Technical Rate of Substitution (TRS) for the production functionin Question 2.1Intermediate Microeconomic Theory – Problem Set 7Question 4For what values of a + b does the production function in Question 2 presentsconstant returns to scale?