THE FIRM III: THE COST FUNCTION ( MICRO-ECONOMICS THEORY III)
We can use exclusively the cost phenomena to reconstruct and to study the properties of the technology. i.e. we can describe the technology entirely in terms of the cost function. The implication here of being able to describe the technology using the cost function is that the specification of a well cost function Cw, yis equivalent to the specification of a well behaved production function f x. We could therefore say that the cost function is a sufficient statistics for the technology since all the economically relevant information about the technology can be obtained from the cost function...
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- ECONOMICS : MICRO-ECONOMICS THEORY III
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- 17 augustus 2021
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- 14
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- 2021/2022
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Onderwerpen
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derivation of cost function
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the firm iii the cost function
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properties of a cost function
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duality between production function and cost function
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economics micro economics theory iii