Mathematics · Mathematical Economics
Consider the following statements for a production function q = f(x1, x2) which is homogeneous of degree k: (i) ∂q∂x1 · x1 + ∂q∂x2 · x2 = kq (ii) Scale elasticity is equal to k (iii) λk q = f(λ x1, λ x2) (iv) Marginal products are homogeneous of degree (k - 1) Choose the correct statements:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(i) and (iv) are true
- 2(ii), (iii) and (iv) are true
- 3(ii) and (iv) are true✓
- 4Only (iv) is true
Correct answer
(ii) and (iv) are true
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