A conventional assumption in production theory is free disposal, namely y Y y Y
Question:
y ∈ Y ⇒ yʹ ∈ Y for every yʹ < y
A technology is said to be monotonic if
x ∈ V(y) ⇒ xʹ ∈ V(y) for every xʹ > x
where xʹ > x means that xi > xʹi for every i (see example 1.26). Show that free disposal implies that
1. The technology is monotonic and
2. The input requirement sets are nested, that is, V(yʹ) ⊃ V(y) for every yʹ < y.
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