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A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production.The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced.The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems.The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs.Originally published in 1971.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Quantitative methods (economics) --- Cost --- Value --- Economics, Mathematical --- Coût --- Valeur --- Mathématiques économiques --- Coût --- Mathématiques économiques --- Mathématiques économiques. --- Economics, Mathematical. --- Coût de production. --- Costs, Industrial. --- Value. --- Cost. --- Fonctions de production. --- Production functions (Economic theory) --- Costs (Economics) --- Expenses --- Economics --- Contingent fees --- Standard of value --- Exchange --- Wealth --- Prices --- Supply and demand --- Mathematical economics --- Econometrics --- Mathematics --- Methodology --- Mathématiques économiques. --- Coût de production.

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Economics --- Cost. --- Opportunity costs. --- Social choice. --- Welfare economics. --- History. --- Cost --- Opportunity costs --- -Welfare economics --- Social choice --- 338.51 --- Choice, Social --- Collective choice --- Public choice --- Choice (Psychology) --- Social psychology --- Welfare economics --- Economic policy --- Social policy --- Economic theory --- Political economy --- Social sciences --- Economic man --- Alternative costs --- Costs, Alternative --- Costs, Opportunity --- Implicit costs --- Imputed costs --- Costs (Economics) --- Expenses --- Contingent fees --- History

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Understanding cost behavior is a fundamental element of cost accounting and the management of a firm. Deviating from the traditional assumption of symmetric cost behavior, numerous recent research studies show that costs are sticky, that is, they decrease less when sales fall than they increase when sales rise. Daniel Baumgarten comprehensively analyzes the cost stickiness phenomenon by discussing its development and all relevant findings presented in the research literature. Furthermore, he provides several suggestions for future research and discusses important implications of cost stickiness for fundamental analysis and analysts’ forecasts by means of two comprehensive empirical analyses.

Auditing. --- Cost. --- Economics. --- Commerce --- Business & Economics --- Accounting --- Cost accounting. --- Cost --- Costing --- Costs, Industrial --- Costs (Economics) --- Expenses --- Business. --- Accounting. --- Bookkeeping. --- Business and Management. --- Accounting/Auditing. --- Historical costs (Accounting) --- Economics --- Contingent fees --- Accountancy --- Business enterprises --- Commercial accounting --- Finance --- Financial accounting --- Business --- Bookkeeping --- Bookkeeping . --- Double entry bookkeeping --- Business education

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Reconciling the high frequency of price changes at the micro level and their apparent rigidity at the aggregate level has been the subject of considerable debate in macroeconomics recently. In this paper I show that incorporating production chains in a standard New- Keynesian model replicates two stylized facts about the data. First, sectoral prices respond with significantly different speeds to aggregate shocks. Meanwhile, the responses to sectorspecific shocks are similar. Second, the standard price setting models are unable to quantitatively match the amount of monetary non-neutrality observed in the data. I argue, First, that the input-output linkages in production generate different responses to aggregate shocks across sectors. Second, calibrating this model to the US data can create five times more monetary non-neutrality in response to nominal shocks compared to an equivalent homogeneous economy with intermediate inputs. Finally, the model implies that upstream industries respond faster to aggregate shocks compared to downstream industries. I show that this prediction is supported by the data.

Prices --- Cost. --- Government policy. --- Costs (Economics) --- Expenses --- Economics --- Contingent fees --- Government price policy --- Wage-price policy --- Macroeconomics --- Economic Theory --- Price Level --- Inflation --- Deflation --- Macroeconomics: Consumption --- Saving --- Wealth --- Energy: Demand and Supply --- Agriculture: Aggregate Supply and Demand Analysis --- Economic theory & philosophy --- Price adjustments --- Consumption --- Oil prices --- Supply shocks --- Sticky prices --- Supply and demand --- United States

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Chemical industry --- Mathematics --- 66.0 --- -Chemical industries --- Chemicals --- Man-made chemicals industry --- Synthetic chemicals industry --- Industries --- Chemical engineering. Chemical production, processing, operations, plant --- Manufacture and industry --- -Chemical engineering. Chemical production, processing, operations, plant --- 66.0 Chemical engineering. Chemical production, processing, operations, plant --- Chemical industries --- COST --- ECONOMICS --- MATHEMATICAL MODELS --- INDUSTRY --- CHEMICAL REACTIONS --- Monograph --- Cost. --- Economics. --- Mathematical models. --- Industries. --- Chemical reactions. --- Reactions, Chemical --- Chemical processes --- Industrial production --- Industry --- Economics --- Models, Mathematical --- Simulation methods --- Economic theory --- Political economy --- Social sciences --- Economic man --- Costs (Economics) --- Expenses --- Contingent fees --- Chemical industry - Mathematics