1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...
We introduce a new type of production function, called approximate Cobb-Douglas function, by a perturbation of Euler's partial differential equation characterizing homogeneous function. We show that ...
Author Name CHANG Pao-Li (Singapore Management University) / MAKIOKA Ryo (Research Associate, RIETI) / NG Bo Lin (Singapore Management University) / YANG Zhenlin (Singapore Management University) This ...
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