The HQ Production Function
A sixth-degree production function of J. M. Henderson and R. E. Quandt (1958), which exhibits increasing and then decreasing returns to scale, is generalized to allow for nonhomotheticity, as well as homotheticity. Although the long-run function lacks the desirable short-run attribute of the original function, it has the advantage that the cross-marginal product is conventionally positive. The simplicity and versatility of the Henderson and Quandt production function make it useful for computer simulations of long-run competitive market equilibrium with a determinate number of firms. Copyright 1988 by The Economic Society of Australia.
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Volume (Year): 64 (1988)
Issue (Month): 185 (June)
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