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Homogeneous function |
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Homogeneous functionA function with the property that multiplying all arguments by a constant changes the value of the function by a monotonic function of that constant: F(lV)=g(l)F(V), where F(·) is the homogeneous function, V is a vector of arguments, l>0 is any constant, and g(·) is some strictly increasing positive function. Special cases include homogeneous of degree X and linearly homogeneous.Similar MatchesHomogeneous of degree 1Homogeneous of degree 1The same as linearly homogeneous and, for a production function, constant returns to scale. See homogeneous of degree X. HomogeneousHomogeneousExhibiting a high degree of homogeneity. First degree homogeneousFirst degree homogeneousHomogeneous of degree 1. Homogeneous of degree XHomogeneous of degree XA homogeneous function where the monotonic function is the constant raised to the exponent X: F(lV)=lXF(V). For X>1, see increasing returns to scale; for X<1, see decreasing returns to scale. Homogeneous productHomogeneous productThe product of an industry in which the outputs of different firms are indistinguishable. Contrasts with differentiated product. Further SuggestionsHomogeneous of degree zeroHomogeneous expectations assumption Linearly homogeneous Zero degree homogeneous |
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