Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnp.pdf
Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnpjwithaij=aji where pi is the price of i th input and aijs are the coefficients . (i) C(p) is expected to be homogenous of degree-1, what conditions needs to be imposed on the coefficients to achieve the homogeneity property. (ii) The equation for share of each input in costs can be obtained using si=lnpilnC. Find the equation for si. (iii) Find the Hessian H=[lnpilnpj2lnC] at point [p1,,pn]=[1,,1]..
Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnp.pdf
Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnpjwithaij=aji where pi is the price of i th input and aijs are the coefficients . (i) C(p) is expected to be homogenous of degree-1, what conditions needs to be imposed on the coefficients to achieve the homogeneity property. (ii) The equation for share of each input in costs can be obtained using si=lnpilnC. Find the equation for si. (iii) Find the Hessian H=[lnpilnpj2lnC] at point [p1,,pn]=[1,,1]..
![Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnpjwithaij=aji where pi is
the price of i th input and aijs are the coefficients . (i) C(p) is expected to be homogenous of
degree-1, what conditions needs to be imposed on the coefficients to achieve the homogeneity
property. (ii) The equation for share of each input in costs can be obtained using si=lnpilnC. Find
the equation for si. (iii) Find the Hessian H=[lnpilnpj2lnC] at point [p1,,pn]=[1,,1].](https://image.slidesharecdn.com/considerthefollowingunitcostfunctionlncp21i1nj1naijlnpilnp-230331133710-913fd0f0/75/consider-the-following-unit-cost-function-lncp21i1nj1naijlnpilnppdf-1-2048.jpg?cb=1680271596)
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Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnp.pdf
- 1. Consider the following unit cost function lnC(p)=21i=1nj=1naijlnpilnpjwithaij=aji where pi is the price of i th input and aijs are the coefficients . (i) C(p) is expected to be homogenous of degree-1, what conditions needs to be imposed on the coefficients to achieve the homogeneity property. (ii) The equation for share of each input in costs can be obtained using si=lnpilnC. Find the equation for si. (iii) Find the Hessian H=[lnpilnpj2lnC] at point [p1,,pn]=[1,,1].