The conductivity (or dielectric behavior) of a binary composite system
is conveniently expressed in terms of a spectral function, which is d
etermined by the geometry of the composite. In this paper we examine t
he case of circular inclusions in a conducting sheet and keep terms up
to second order in the inclusion concentration f. The two-inclusion p
roblem can be solved exactly using multiple images, and we use this so
lution to construct the spectral function. We show that the spectral f
unction is a truncated Lorentzian that can be calculated in a simple c
losed form. Both the weight and the width of the spectral function are
linear in f.