The HQ Production Function

Robert E. Kohn

The Economic Record, 1988, vol. 64, issue 2, 133-135

Abstract: A sixth‐degree production function of Henderson and Quands (1958), that exhibits increasing and then decreasing returns to scale, is generalized to allow for non‐homotheticity as well as homotheticity. Although the long‐run function lacks the desirable short‐run attribute of the original function, it has the advantage that the cross‐marginal product is conventionally positive The simplicity and versatility of die HQ production function make it useful for computer simulations of long‐run competitive market equilibrium with a determinate number of firms.

Date: 1988
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