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 ...
In this paper we present results of joint estimates of factor demand functions in aggregate Swedish industry and in eight of its subsectors using the equilibrium equality between 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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