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Economics - Microeconomics / Industrial Organization | Production Economics - The Basic Theory of Production Optimisation

Production Economics

The Basic Theory of Production Optimisation

Rasmussen, Svend

2nd ed. 2013, XII, 292 p.

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  • Uses a great combination of graphical illustration and mathematical analysis
  • Includes theory of timing of production and timing of replacement of assets
  • Shows how to build and apply linear programming for production planning
  • Features numerous illustrative examples
This book covers the basic theory of how, what and when firms should produce to maximise profits. Based on the neoclassical theory of the firm presented in most general microeconomic textbooks, it extends the general treatment and focuses on the application of the theory to specific problems that the firm faces when making production decisions to maximise profits. Increasing level of government regulation and the use of specialised and often very expensive equipment in modern production motivates the following focus areas: 1) How to optimise production under restrictions., 2) Treatment of fixed inputs and the process of input fixation, 3) Optimisation of production over time, 4) Linear and Mixed Integer Programming as tools for optimisation in practice. This updated second edition includes a more comprehensive introduction to the theory of decision making under risk and uncertainty as well as a new chapter on how to use linear programming to generate the supply function of the firm.

Content Level » Graduate

Keywords » Fixed and Variable Input - Input Demand and Output Supply - Land Rent - Optimization - Replacement Theory

Related subjects » Agricultural Economics - Microeconomics / Industrial Organization - Production & Logistics

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