Get An Introduction to Cost and Production Functions PDF

By David F. Heathfield

ISBN-10: 0333416074

ISBN-13: 9780333416075

ISBN-10: 1349187216

ISBN-13: 9781349187218

Show description

Read Online or Download An Introduction to Cost and Production Functions PDF

Similar industries books

Download PDF by H. Waldron: Innovations in Adolescent Substance Abuse Interventions

This can be a unmarried reference resource for cutting-edge, empirically-tested techniques to assessing, fighting, and treating adolescent substance abuse difficulties. earlier texts on adolescent substance abuse have given constrained consciousness to intervention, were non-empirical in orientation, or were dedicated to a unmarried intervention procedure.

Get The cultural leadership handbook : how to run a creative PDF

Content material: Contents: creation; problem: context; problem: management; problem: values; problem: cultural price; problem: creativity; problem: assets; problem: talents; problem: taking the lead; Bibliography; Index

The Oxford Handbook of the Economics of Gambling - download pdf or read online

There's transforming into curiosity between lecturers and policymakers within the economics of playing, which has been inspired via significant regulatory and tax alterations within the U. S. , U. ok. Continental Europe, Asia, Australia and in other places. regrettably, there is not any finished resource of path-breaking examine in this subject.

Additional resources for An Introduction to Cost and Production Functions

Sample text

Among other things , this means that the firm is 44 An Introduction to Cost and Production Functions small compared with the size of the total market for the product, and that it cannot influence market price by changing its output. If the firm charges a price below that of the market, it can sell all it can produce. If, on the other hand, the firm charges a price above that of the market, it will discover that its sales are zero . Thus, thefirmfaces a horizontal demand curve in perfect competition.

The importance of this distinction, between extensive and intensive margins, derives from the effect they have on rent. Rent is the reward paid to landowners and occurs in classical theory from the fact that land at the extensive margin yields less than land within the margin. Thus those who own land within the margin can charge 'rent' equal to the excess production per acre of their land over that at the margin. If land in the valley yields 10 tons of wheat per acre per man and ifland on the hillside yields 5 tons of wheat per acre per man then the valley land attracts rent to the value of 5 tons of wheat.

8) which is the cost function . HP(Pl> P 2 ). All cost functions are homogeneous of degree 1 in the input prices, that is doubling all prices leads to a doubling of total costs. This is natural since a doubling of all (in this case both) prices does not alter the slope of the isocosts and does not change the cost-minimising input combination at a specific isoquant. With VI , V2 unchanged and a doubling of PI' P 2, it is obvious that TC = PIVI + P2V2 must double. 8) refers to total costs. 9) Since all factors are variable in the long run, we have an identity between total and variable cost.

Download PDF sample

An Introduction to Cost and Production Functions by David F. Heathfield

by Daniel

Rated 4.98 of 5 – based on 12 votes