The Theory of Production

R. Shone
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R. Shone: University of Sheffield

Chapter 5 in Microeconomics, 1975, pp 123-152 from Palgrave Macmillan

Abstract: Abstract Production, in its widest sense, is concerned with the transformation of one thing into something else. The decision unit that carries out this transformation is the firm, which we take to be a theoretical construct and which satisfies the axioms of production to be presented below. This theoretical construct should not be taken to mean a typical firm in the real world. It is an abstraction, an analogue, of the decision-making processes and the technological processes under which we consider most firms operate.

Keywords: Convex Cone; Decision Unit; Production Theory; Profit Function; Price Vector (search for similar items in EconPapers)
Date: 1975
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DOI: 10.1007/978-1-349-15593-4_5

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