Production Economics The Basic Theory of Production Optimisation
This book covers the basic theory of how, what and when firms should produce to maximise profits. Based on the neoclassical theory of the firm presented in most general microeconomic textbooks, it extends the general treatment and focuses on the applicati
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Svend Rasmussen
Production Economics The Basic Theory of Production Optimisation
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Dr. Svend Rasmussen Institute of Food and Resource Economics University of Copenhagen Rolighedsvej 25 1958 Frederiksberg C Denmark e-mail: [email protected]
ISBN 978-3-642-14609-1
e-ISBN 978-3-642-14610-7
DOI 10.1007/978-3-642-14610-7 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2010934762 Ó Springer-Verlag Berlin Heidelberg 2011 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
This book has been written as a textbook for the course Production Economics and is as such aimed at students of economics and other students who are interested in studying production economic theory at the undergraduate level. It is recommended that the student has taken prior introductory courses in economics and has, therefore, obtained a sound initiation to economic thinking including graphic illustration and the analysis of (micro) economic issues. However, reading the book does not require knowledge of any specific economic theory. The book adds to the existing literature in the sense that compared to the general microeconomic textbooks, which normally include a few chapters on production, cost, product supply, input demand and production under uncertainty, this book focuses on these subjects and treats them both graphically and mathematically in more detail. At the same time it focuses on the application of the theory to solving illustrative problems related to production optimisation, and in this context it includes subjects which are normally not included in microeconomic textbooks like for instance optimisation of production over time and the use of linear programming for production optimisation. Readers are encouraged to contact the author with any suggestions for potential improvement or regarding possible errors for the next edition, preferably by way of e-mail: [email protected] Copenhagen, April, 2010
Svend Rasmussen
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Contents
1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . .
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