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- W4251025696 abstract "Cost and the input demand correspondence are formally defined and the fundamental implications for them of the price-taking cost minimization behavioral postulate are established, including the Law of Demand for conditional demands. These implications are mostly reinterpretations of the implications of the price-taking profit maximization behavioral postulate. Cost-minimizing behavior is shown to be part of profit-maximizing behavior and is useful even when price-taking output selection to maximize profit may not be an appropriate behavioral postulate. The envelope relationship between the cost function and cost objective is explained, leading to the relationship between cost and input demand known as Shephard’s Lemma, and the symmetry and negative semidefiniteness of the matrix of demand price slopes. Additional properties arising from additional features of production sets are explored, including the elasticity identities and reciprocity. Comparative statics of the demand choices are derived for the important special case of a firm that produces one output, including the shadow price interpretation of the Lagrange multiplier as marginal cost and the concepts of complementary, substitute and normal inputs. Sufficiency of the fundamental properties of the cost function is formally proven, thereby establishing that no additional properties of cost are implied by the price-taking cost minimization behavioral postulate. There is always a nonempty, closed, free disposal, and convex cost-relevant input requirement correspondence underlying any function possessing the homogeneity and concavity properties of cost. Similarly, a homogeneous of degree zero vector-valued function defined on an open convex cone in the price space, with a symmetric negative semidefinite Jacobian, is an input demand function for a price-taking firm that minimizes cost over the implied cost-relevant input requirement sets. The chapter also shows how to derive cost-relevant production and profit functions, and how to derive a profit-relevant cost function from a given profit function." @default.
- W4251025696 created "2022-05-12" @default.
- W4251025696 date "1999-09-01" @default.
- W4251025696 modified "2023-09-26" @default.
- W4251025696 title "99/03445 Energy planning in urban historical centres. A methodological approach with a case study" @default.
- W4251025696 doi "https://doi.org/10.1016/s0140-6701(99)91400-5" @default.
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