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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. First degree homogeneousFirst degree homogeneousHomogeneous of degree 1. Homogeneous productHomogeneous productThe product of an industry in which the outputs of different firms are indistinguishable. Contrasts with differentiated product. Zero degree homogeneousZero degree homogeneousHomogeneous of degree zero. Homogeneous of degree zeroHomogeneous of degree zeroThe property of a function that, if you scale all arguments by the same proportion, the value of the function does not change. See homogeneous of degree X. In the H-O Model, CRTS production functions imply that marginal products have this property, which is critical for FPE. Further SuggestionsHomogeneousLinearly homogeneous Homogeneous expectations assumption Homogeneous of degree X |
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