Euler's Theorem

Euler's Theorem

1. The property of a function X=F(V) that is homogeneous of degree N that _iV_i∂F/∂V_i=NX. 2. The useful implication of this that, for a production function X=F(V) with constant returns to scale, the competitive payments to factors sum to the value of output: _iw_iV_i=pX.

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Category: International economics
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