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 ...

A form of nonhomogeneous production function is utilized to compute marginal productivities, various elasticities, optimum input ratios, and the like, for different levels of inputs and outputs. Such ...

We introduce and analyze a class of variable elasticity of substitution (VES) production functions for which the substitution parameter varies linearly with the capital-labor ratio around the ...

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 ...