The Anatomy of a Step Supply Function

Marvin Kottke

American Journal of Agricultural Economics, 1967, vol. 49, issue 1_Part_I, 107-118

Abstract: A close examination is made of the conceptual basis underlying a step function in order to identify the parts of steps and relate them to an economic interpretation. Emphasis is placed on the relevance of (1) the "relation," "function," and "discontinuity" definitions, (2) the identity of marginal cost in the steps, and (3) the MR ≥ MC profit-maximization criterion to the interpretation. It is contended that, if producers conform to linear programming specifications, their step supply functions should be interpreted as representing a sporadic response which calls for a modified applicability of elasticity, reversibility, and length-of-run concepts.

Date: 1967
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