Let Y be the production possibility set for a single-output technology and V(y) denote the corresponding input

Question:

Let Y be the production possibility set for a single-output technology and V(y) denote the corresponding input requirements sets
V(y) = {x ∊ ℜn+: (y, - x) ∊ Y}
Then Y is convex if and only if V(y) is a convex correspondence.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Foundations of Mathematical Economics

ISBN: 978-0262531924

1st edition

Authors: Michael Carter

See More Books

Question Posted: May 02, 2016 11:37 AM

See More Questions

A set S is a convex cone if and only if 1. S S for every 0 2. S + S S Convex cones arise naturally in economics, where quantities are required to be nonnegative. The set of nonnegative prices...
Suppose that the production possibility set Y is convex. Then every efficient production plan y Y is profit maximizing for some nonzero price system p 0.
Show that free disposal (example 1.12) implies that the production possibility set has a nonempty interior.
1. If the nominal policy interest rate is 5% and the expected rate of inflation is 3%, what is the value for the vertical intercept of the LM curve? 2. If the expected rate of inflation were to...
Does deodorant sell better in a box or without additional packaging? An experiment in a large store is designed in which, for one month, all deodorants are sold packaged in a box and, during a second...
What are the five major classifications on the income statement? LO1
In which file would you find the following information? a. A scheduled receipt. b. A planned receipt. c. Efficiency and utilization. d. Sequence of operations on a part. LO.1
Arrowhead School District No. 75 is located in Park County, south of Livingston, Montana, and consists of one school, Arrowhead School (School). For the 199798 school year, the School employed about...
33 Exercises & Problems alock Factory Overhead Cost variances The following data relate to factory overhead cost for the production of 4,000 computer Variable factory overhead 193.100 Fredactory...
Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21- 3434) have a 19-year-old son (born 10/2/99 Social Security...
Show that the value function (example 2.28) can be alternatively defined by
Suppose that the constraint correspondence G(y) in the constrained optimization problem (example 2.30) is defined by a set of inequalities (example 2.40) g1(x, Î¸) ¤ 0, g2(x,...
Use the distribution function method to obtain the density of $Z^{3}$ when $Z$ has a standard normal distribution.
Molina Company produces three products: A130, B324, and C587 All three products use the same direct material, Brac Unt data for the three products are in the provided table. (Click to view the unit...
MFGE 437 S21 - Homework 1 Submissions will be Online! Please scan your HWs and upload on Canvas Problem 1: A vertical milling machine is to be retrofitted with three identical DC servo motors. The...
On January 1, Palisades, Inc., acquired 100 percent of Sherwood Company's common stock for a fair value of $120,340,000 in cash and stock. The carrying amounts of Sherwood's assets and liabilities...
(1) A test balloon has an accelerometer attached to it. After you release it and start collecting data it is 5 ft in front of you and 16 ft above you, and it is moving 5 ft/s to your left and 4 ft/s...
484 ... Age of Accounts as of June 30, 2019 1-30 31-60 61-90 Over 90 Customer Name Days Days Days Days Total Balance Canyon Youth Club $ 250 $ 250 Crazy Tees 200 $ 150 350 Early Start Daycare $500...
Jaworskis Ski Store is completing the accounting process for its first year ended December 31, 2015. The transactions during 2015 have been journalized and posted. The following data are available to...
Use critical values to test the null hypothesis H0: 1 2 = 20 versus the alternative hypothesis H0: 1 2 20 by setting a equal to .10, .05, .01, and .001. How much evidence is there that the...
Continuation of Exercise 5-5 determine the following probabilities (a) P(X = 1, Y < 4) (b) P(X = 1) (c) P(Y = 2) (d) P(X < 2, Y < 2)
Continuation of Exercise 5-5 Determine E(X), E(Y), V(X), and V (Y).
Continuation of Exercise 5-5 Determine (a) The marginal probability distribution of the random variable X. (b) The conditional probability distribution of Y given that X = 1. (c) The conditional...
why should Undertake research to review reasons for previous profit or loss?
A pension fund's liabilities has a PV01 of $200 million. The plan has $100 billion of assets with a weighted average modified duration of 8. The highest duration bond that the plan can invest in has...
Metlock Limited has signed a lease agreement with Lantus Corp. to lease equipment with an expected lifespan of eight years, no estimated salvage value, and a cost to Lantus, the lessor of $170,000....

Let Y be the production possibility set for a single-output technology and V(y) denote the corresponding input

Question:

Step by Step Answer:

The graph of is graph x n x while the production pos...View the full answer

Foundations of Mathematical Economics

Students also viewed these Numerical Analysis questions