Question
Under the condition of "Product Exhaustion" (Euler's
Theorem), if a firm operates under Increasing Returns to Scale and pays each factor its marginal product:Solution
Euler’s Theorem states that if the function is homogeneous of degree n, then n * Q = (MPL * L) + (MPK * K). If n > 1 (IRS), then the sum of marginal payments is greater than the output (Q). This implies that paying factors their marginal product is financially impossible for the firm without a loss.
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