Holothetic Production Functions and Marginal Rate of Technical Substitution

Ryuzo Sato and Rama V. Ramachandran
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Ryuzo Sato: New York University
Rama V. Ramachandran: Pebble Brook Lane

Chapter Chapter 3 in Symmetry and Economic Invariance, 2014, pp 29-41 from Springer

Abstract: Abstract In the last chapter we examined the question whether the increases in efficiency of inputs due to technical progress can be explained by economies of scale. Economies of scale can be considered as resulting in a transformation of the production function which in turn leads to a renumbering of the isoquants. The condition for technical progress to have the same effect is that it should also map one isoquant to another.

Keywords: Substitution Technique; Isoquant; Biased Technical Progress; Homothetic Function; Share Ratio (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-4-431-54430-2_3

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DOI: 10.1007/978-4-431-54430-2_3

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