Production function geometry with "Knightian" total product.

From: The Journal of Economic Education | Date: June 22, 2006| Author: | Copyright information

Abstract: Authors of principles and price theory textbooks generally illustrate short-run production using a total product curve that displays first increasing and then diminishing marginal returns to employment of the variable input(s). Although it seems reasonable that a temporary range of increasing returns to variable inputs will likely occur as variable inputs are added to a set of fixed ones. This proposition implies an isoquant diagram that is not a familiar one in texthooks. The authors examine a linearly homogeneous production function conforming to the textbook case and ...

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