Question
Let x = R denote a vector of inputs, y = RM a vector of outputs and (x, y) = T. The input distance
Let x = R denote a vector of inputs, y = RM a vector of outputs and (x, y) = T. The input distance function is defined as d(x, y) = max{d\x/d =V(y)} where V(y) is the input requirement set. (1) Draw a diagram with two inputs and an isoquant. Identify the distance function and provide an interpretation of this function.
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Finite Mathematics and Its Applications
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
12th edition
978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632
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