Verify that a homogenous function has IRS, CRS or DRS depending on whether the degree of the function satisfies y > 1, y = 1, or y< 1.

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter2: Mathematics For Microeconomics
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4. Verify that a homogenous function has IRS, CRS or DRS depending on whether the
degree of the function satisfies y> 1, y = 1, or y< 1.
Transcribed Image Text:4. Verify that a homogenous function has IRS, CRS or DRS depending on whether the degree of the function satisfies y> 1, y = 1, or y< 1.
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