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Results tagged with production-function
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user 41470
A function whose value is the produced quantity associated with a given vector of factor inputs. The production function represents the technology available to the firm.
3
votes
0
answers
157
views
Economic interpretation of assumption on utility function
Suppose $u\colon \mathbb{R}_{>0} \to \mathbb{R}$ is a utility function, twice continously differentiable, $u' > 0, u'' < 0$, and the classic Inada conditions hold, i.e., $\lim_{c \to \infty} u'(c) = 0 …
- 73
2
votes
1
answer
365
views
Does a neoclassical production with constant returns to scale implies type of Cobb-Douglas
Assume the neoclassical production function $$F(K,L)\colon [0,\infty) \times [0,\infty) \to [0,\infty)$$ twice continuously differentiable, i.e., F is montone increasing and concave, i.e.,
$$
\partial …
- 73