On May 1, 20Y6, Stanton Company purchased $100,000 of Harris Company's 12% bonds at 100 plus accrued interest of $4,000. On June
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Part a) The Cob Douglas production function is given as:
To show that this function is homogeneous with degree 3, we introduce be a parameter, t.
Using properties of exponents, we on tinder:
This implies that:
Simplify the exponent of t to get;
Hence the function is homogeneous with degree, 3
Part b) To verify Euler's Theorem, we must show that:
Verifying from the left:
Q•E•D