Production theory

Harald Wiese ()
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Harald Wiese: Universität Leipzig

Chapter Chapter 8 in Advanced Microeconomics, 2021, pp 209-230 from Springer

Abstract: Abstract In household theory, preference relations are the primitive concepts from which indifference curves and utility functions are derived. Similarly, production sets form the basis of production theory. Production sets describe all the feasible input-output combinations and allow to define important concepts such as setup or sunk costs and returns to scale.

Date: 2021
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DOI: 10.1007/978-3-658-34959-2_8

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