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 micro-economic theory much room is given to the discussion of inhomogeneous production functions, or more precisely, production functions with a monotonically decreasing elasticity of scale. On the ...
The lack of individual firm information on output prices is a major problem in the econometrics of production. In particular, it may be expected to account for a significant share of the large ...
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