Let x = R denote a vector of inputs, y = RM a vector of outputs...

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Let x = R denote a vector of inputs, y = RM a vector of outputs and (x, y) = T. The input distance function is defined as d(x, y) = max{d\x/d =V(y)} where V(y) is the input requirement set. (1) Draw a diagram with two inputs and an isoquant. Identify the distance function and provide an interpretation of this function. Let x = R denote a vector of inputs, y = RM a vector of outputs and (x, y) = T. The input distance function is defined as d(x, y) = max{d\x/d =V(y)} where V(y) is the input requirement set. (1) Draw a diagram with two inputs and an isoquant. Identify the distance function and provide an interpretation of this function.