The Cobb-Douglas production function is given by f(x1, x2) = Ax1ax2b. It turns out that the type of returns to scale of this function will depend on the magnitude of a + b. Which values of a + b will be associated with the three different kinds of returns to scale? Demonstrate with illustrations.

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The Cobb-Douglas production function is given by f(x1, x2) = Ax1ax2b. It turns out that the type of returns to scale of this function will depend on the magnitude of a + b. Which values of a + b will be associated with the three different kinds of returns to scale? Demonstrate with illustrations.

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