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Derive the formula for the rate of technical progress

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Reference no: EM131229256

1. Consider the following translog cost function for a produceremplying N inputs to produce M outputs in period t.

968_Equation.jpg

(a) What parameter restrictions would guarantee linear homogeneity of the cost function in input prices? Prove your answer in clear steps.

(b) Derive the formula for the rate of technical progress.

(c) Derive the cost share equation for input i.

Reference no: EM131229256

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