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By R. F. Wynn, K. Holden (auth.)

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Extra info for An Introduction to Applied Econometric Analysis

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1. 2) where QK and QL are the marginal products of capital and labour. A given level of output can be produced by different combinations of capital and labour and so f(K,L) = constant traces out the isoquants. e. 3) and hence Therefore the isoquants have a negative slope and the absolute value of this is the marginal rate of substitution (R). This measures the rate at which one input can be substituted for the other input. e. 3), dK/dL is increasing and so d 2 K/dL2 is positive. 2. For a change from the point (K, L) along the constant product curve, d(K/L) measures the change in the use of K compared with Land dR represents the corresponding change in the marginal rate of substitution.

Eisner, R. (1965), 'Realisation of Investment Anticipations', pp. 95-128 in J. S. , The Brookings Quarterly Econometric Model of the United States (Chicago: Rand McNally). Eisner, R. (1967), 'A Permanent Income Theory for Investment: Some Empirical Explorations', American Economic Review, vol. LVII, 363-90. Eisner, R. and Strotz, R. (1963), 'Determinants of Business Investment' with bibliography by G. R. Post, pp. 59-337 in D. B. , Commission on Money and Credit; Impacts of Monetary Policy (Englewood Cliffs: PrenticeHall).

If oc. + fl < 1 there are decreasing returns to scale and for oc. + fl> 1 there are increasing returns to scale.

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