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Economics 214 Lecture 29 Multivariate Calculus. Homogeneous Function.

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Presentation on theme: "Economics 214 Lecture 29 Multivariate Calculus. Homogeneous Function."— Presentation transcript:

1 Economics 214 Lecture 29 Multivariate Calculus

2 Homogeneous Function

3 Cobb-Douglas Function

4 Euler’s Theorem Homogeneity of degree 1 is often called linear homogeneity. An important property of homogeneous functions is given by Euler’s Theorem.

5 Euler’s Theorem

6 Proof Euler’s Theorem

7 Division of National Income

8 Properties of Marginal Products

9 Arguments of Functions that are Homogeneous degree zero

10 First Partial Derivatives of Homogeneous Functions

11 Proof of previous slide

12 Homothetic function

13 Example homothetic function


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