Utility and Production: Theory and Applications"This Microeconomics text presents the traditional economic theories about utility and production. But it contains new theoretical functions created from specific optimization procedures. Moreover, it details clearly the common function expression forms such as Cobb-Douglas and CES in which the theory is checked. Finally, it presents empirical tests and their interpretation in relation to the theory."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved |
Contents
Introduction | 1 |
Main Forms of Utility Functions | 2 |
Recommended Reading | 45 |
Copyright | |
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Common terms and phrases
a₁ a²G analysis assume Cobb-Douglas concave convex cost function cost minimisation problem Coto-Millán Demand Yi dual Economics elasticity of substitution empirical estimated expenditure function firm first-order conditions functional form Hicksian demand functions homogeneous of degree homothetic income elasticity indirect supply indirect utility function Input Classical Demand input conditioned demand input demand ISBN joint production level of cost level of income level of input level of output long-run Marshallian demand functions maximisation problem subject Microeconomics Morishima elasticities MRTS negative obtain output maximisation P₁ P₂ passenger transport Primal production function profit function profit maximisation problem properties quasi-concave restrictions returns to scale Roy's Identity S₁ satisfied second-order conditions Shephard's Lemma short-run Slutsky equation substitution relationships supply functions theory Translog Transport in Spain variable w₁ w₂ Wiyi x₁ y(wi y₂ α 2 α α α αι απ