Production Technology, Costs, and Multiproduct Industry Structure: An Application of the Long-run Profit Function to the New England Fishing Industry

Dale Squires

Canadian Journal of Economics, 1988, vol. 21, issue 2, 359-78

Abstract: The long-run multiproduct profit function is developed to provide a more general procedure than the s tatic minimum cost function to examine the technological and cost det erminants of multiproduct industry structure and the likely form of a ny market equilibrium. In this approach, outputs are endogenous and t he long-run equilibrium levels of quasi-fixed factors are endogenousl y determined. The multiproduct structure of the multispecies New Engl and fishing industry and the likely multiproduct form of any open-acc ess equilibrium are examined.

Date: 1988
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