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 ...

We introduce a new type of production function, called approximate Cobb-Douglas function, by a perturbation of Euler's partial differential equation characterizing homogeneous function. We show that ...

In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to ...