Question

DistinguishedBetweenhomogeneousand homothetic function with example

Answer 1

Explanation:

Homothetic production functions have the property that f(x) = f(y) implies f(λx) = f(λy). Homogeneous production functions have the property that f(λx) = λkf(x) for some k. Homogeneity of degree one is constant returns to scale. ... Separable production function.