## A NCR View of the Consumer Or Producer |

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aggregation constraints analgous analogy Bj/U consumer model consumption cost mini cost minimising model diDi/d dominant input elasticities of substitution falls the marginal following Lagrange function greater than unity Hanoch showed Hence homothetic model income and substitution Income Subs increase in demand increased demand inelastic inferior and dominant inferior input inferior or Giffen input equilibrium curves input equilibrium equation input leads input price input whose price isoquants J/U J Lagrange multiplier level of output level of utility level of welfare marginal cost curve marginal utility maximising model 21 normal input normal or dominant order conditions output maximising model output maximising producer parameters partial derivative perfectly competitive market Pj/X positive income effect preference function price elasticity price exponent price fall price reduction leads producer model product price production function Profit maxi profit maximising model profit maximising producer purchases his inputs returns to scale Siebert/Addison utility of income welfare maximising consumer