Question

what are homogeneous function in economics​

Answer 1

Answer:

Definition. Multivariate functions that are “homogeneous” of some degree are often used in economic theory. ... For example, a function is homogeneous of degree 1 if, when all its arguments are multiplied by any number t > 0, the value of the function is multiplied by the same number t.

Answer 2

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• The Linear Homogeneous Production Function implies that with the proportionate change in all the factors of production, the output also increases in the same proportion. Such as, if the input factors are doubled the output also gets doubled. This is also known as constant returns to a scale.