## Delivery Lags and the Theory of Investment |

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adjustment cost model aggregate analysis analyze assume assumption average delivery lag average lag calculus of variation changes in unfilled concave function contract price decision rules degree of inelasticity deliveries of capital delivery lag constraint delivery price demand curve demand is inelastic demand is relatively depend direct effect elastic portion equilibrium imputed value expected average delivery filled orders firm operates Hence implications increase indirect individual firm inferences interest rate less than unity marginal cost market model optimality conditions optimization problem order flow orders for capital phase diagram phase plane planned deliveries present value price of capital producer of capital raise or lower raises the delivery rate of change rate of deliveries rate of interest rate of output relatively elastic revenue saddle point singular curve stock of unfilled strictly concave strictly positive theory of investment tion total effect unfilled order backlog unfilled order stock value of investment vicinity of equilibrium zero