New PDF release: Micro-Economics: Optimal Decision-Making by Private Firms

By Claude Abraham, André Thomas (auth.)

ISBN-10: 9401722676

ISBN-13: 9789401722674

ISBN-10: 9401722692

ISBN-13: 9789401722698

The starting place of this paintings is to be present in the cyclostyled path on 'The optimum allocation of assets within the enterprise and within the kingdom' taught by way of Mr Boiteux on the Centre d'Etudes des Programmes Economiques (C. E. P. E. ), Paris from 1957 to 1960. in fact, numerous successive later rewritings and a very good many additions have profoundly altered the preliminary model: ranging from a remarkably transparent and concise exposition of eco­ nomic thought, we've got ended with a ebook that's numerous hundred pages lengthy. it's not in any respect sure that Mr Boiteux could realize this intellec­ tual sponsorship. neither is it sure that the achieve in info justifies such a rise in measurement. even if that could be, the preliminary plan has survived. with no Mr Boiteux this e-book might by no means were undertaken: it's a friendly responsibility for us respectfully to recognize our debt to him the following. Microeconomic research, that's to assert that evaluation which ends from the learn of the behaviour and actions of person decision-units, was once for a very long time the most quandary of the neo-classicists. particularly lately the advent of macroeconomic thought, facing combination quan­ tities, looked as if it would relegate it to moment position. yet this isn't the place it belongs: we have a tendency to accept as true with Mr Raymond Barre that there are "two varied scales of study that supplement instead of distinction with one another".

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Extra resources for Micro-Economics: Optimal Decision-Making by Private Firms and Public Authorities

Sample text

The Minimum Cost Principle Up to now, we have studied rational behaviour among firms in terms only PRODUCTION 29 of physical quantities of inputs and outputs, where use is made of a single behavioural rule: that of non-wastage. We have seen that the application of such a rule led us to predict that in most cases there will be an infinity of combinations of factors of production for each level of output. Bringing a firm's costs and revenues into the argument leads to two distinct problems, which are usually linked in real life.

The fact that we have inadequate knowledge of real production functions is for this reason of very little importance, since it affects neither the theoretical proofs nor, above all, the practical rules of action that we derive from those proofs. This optimism must be slightly tempered. The exact definition of these functions may not be of great importance to us, because we are usually interested only in the marginal properties of the curves. But their general shape is very important: the existence of industries with concave production functions can present serious problems for the theory of the optimum.

41) is thus hardly defensible as an objective. On the other hand, in a multi-period model it is likely that profit maximisation is a close representation of the ends pursued by the firm. It is only the introduction of time that justifies the use of the profit maximisation criterion, as a first approximation, in economic analysis. 1. Selling price p taken as fixed by the firm. study the shape of the curve b=B(q). We have: db dq=p-D'(q)=p-m. 42) We can then discuss the relationship between p and the marginal cost curve m=D'(q).

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Micro-Economics: Optimal Decision-Making by Private Firms and Public Authorities by Claude Abraham, André Thomas (auth.)


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