Scene: I was discussing about the class we just had with a bunch of class mates.
He (a white guy): So what do you think of today's lecture?
I: Well today's lecture was pretty good. I think he has started explaining things more in detail....blah blah.........but I am still confused about the concepts of homotheticity and homogeneity. Can you explain the difference?
He: Well I dont remember their exact definition but I can tell which production function is homothetic and which is homogeneous by looking at it. It's same like I cannot present the definition of porn but I can differentiate it among the other plain stuff by watching it.
P.S. Life becomes little bit complicated with a half broken tooth :(
He (a white guy): So what do you think of today's lecture?
I: Well today's lecture was pretty good. I think he has started explaining things more in detail....blah blah.........but I am still confused about the concepts of homotheticity and homogeneity. Can you explain the difference?
He: Well I dont remember their exact definition but I can tell which production function is homothetic and which is homogeneous by looking at it. It's same like I cannot present the definition of porn but I can differentiate it among the other plain stuff by watching it.
P.S. Life becomes little bit complicated with a half broken tooth :(
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