Homogenous Functions in Economics Discussion
Question Description
I’m working on a economics question and need an explanation and answer to help me learn.
If a production function has increasing returns to scale (IRS), then it must be homogenous of degree greater than 1.This answer is wrong, but I cant give a counterexample of homogeneity. Can you explain it to me?
Explanation & Answer:
100 Words
Tags:
economics question
homogenous functions
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