By Timothy J. Coelli, Dodla Sai Prasada Rao, Christopher J. O'Donnell, George Edward Battese

ISBN-10: 0387242651

ISBN-13: 9780387242651

Softcover model of the second one version Hardcover. includes a new writer, Dr. Chris O'Donnell, who brings significant services to the undertaking within the quarter of functionality dimension. a variety of issues are being further and extra purposes utilizing actual information, in addition to routines on the finish of the chapters. info units, computing device codes and software program can be to be had for obtain from the net to accompany the amount.

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**Example text**

In this book we are just as interested in using them to obtain better estimates of the parameters of input demand and output supply functions (and hence better estimates of economic quantities of interest, including measures of productivity and efficiency). 4 The Restricted Profit Function Until now we have assumed that all inputs and outputs in the profit maximisation problem are variable. 68, which treats all inputs and outputs as variable, is sometimes known as an unrestricted or long-run profit function.

23 while input demands remain unchanged. 23). These computations confirm that our cost function exhibits some familiar and commonsense properties - it is nondecreasing and linearly homogeneous in prices, and nondecreasing in output. 2 below. 6. To construct this figure we have rewritten the cost function c = w^x^+ w^x^ in the form X2 = (c/ W2) - (Wj / w^)^^. This is the equation of an isocost line - a straight line with intercept cl w^ and slope -(Wj I w,^) that gives all input combinations that cost c.

4 Symmetry: ^^. (P, w) / dp^ = dq^ (p, w) / dp^. 0. q^(p, w) > 0. 3). 5). 4) and the result that the first derivative of any linearly homogeneous function is homogeneous of degree 0. 4 follow from the fact that the REVIEW OF PRODUCTION ECONOMICS order of differentiation is unimportant (Young's Theorem). example, 39 This means, for ^•y„(P>w) ^ a';r(p,w) ^ 8V(p,w) ^ dx,„{p,w) Again, these properties can be used to explore the effects of possible changes in economic policy. In this book we are just as interested in using them to obtain better estimates of the parameters of input demand and output supply functions (and hence better estimates of economic quantities of interest, including measures of productivity and efficiency).

### An Introduction to Efficiency and Productivity Analysis by Timothy J. Coelli, Dodla Sai Prasada Rao, Christopher J. O'Donnell, George Edward Battese

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