Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(a) Show that if, for a given firm, Z has free disposal, then V(y) is comprehensive upwards for every y. (Assume the firm has N inputs and M outputs.) Show by example that the converse is false. If each V(y) is comprehensive upwards and the nesting property holds (if y ≥ y', then V(y) ⊆V(y')), does the corresponding set Z have free disposal?
(b) Show that if Z is convex, then each V(y) is convex. Show by example that the converse is false.
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