Small 'y' = production plan Big 'Y' = production possibilities set
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V(y) = input requirement set V(y) measures inputs as positive, not negative, numbers
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Convexity of input requirements set
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SOCs for profit max'zn
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CD production fct
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HOD 0 Property
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HOD 0 is necessary condition for profit maxim'zn.
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?? How to deduce from this that Hessian Matrix is strictly ND?
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Properties of the substitution matrix
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WAPM
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Implications of WAPM
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Recoverability: constructing a technology consistent with the observed choices. If a set of data satisfies WAPM, we can always find a technology for which the observed choices are profit-maximizing.
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Properties of the Profit Function
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Hotelling's Lemma
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Applying the envelope theorem to derive Hotelling's lemma
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Why matrix of derivatives of y℗ is symmetric and PSD.
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Lee Ines Nicole 15 December, 2014 8:50 PM
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CD example
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CES example
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Conditional Factor Demand
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Proof that the conditional factor demand curve slopes downwards.
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Principle of duality: any concept defined in terms of the properties of the production function has a "dual" definition in terms of the properties of the cost function and vice versa.