Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN: 9781337517942
Author: NICHOLSON
Publisher: Cengage
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.  what is a Function? Discuss the following concepts of functions with the help of an economic example : 1) Decreasing Function          2) Implicit Function          3) Multi-valued Function 4) Exponential function          5) Logarithmic Function
Graph the function C=50+0.8Y and give economic interpretations of the elements of the equation.
4. Verify that a homogenous function has IRS, CRS or DRS depending on whether the degree of the function satisfies y> 1, y = 1, or y< 1.
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