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Erschienen in:
2011 | OriginalPaper | Buchkapitel
10. Optimisation of Production Under Restrictions
verfasst von : Svend Rasmussen
Erschienen in: Production Economics
Verlag: Springer Berlin Heidelberg
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Abstract
The general criteria for the adjustment of production when product and factor prices change were described in Chap. 3–5. The general results are derived under the general assumption that the producers wish to maximise profit. The general criterion for profit maximisation is that the addition of input should be continued as long as the increase in total revenue (i.e. marginal revenue) is greater than the increase in costs (i.e. marginal costs). This general criterion includes the following two criteria as special cases: (1) The value of the marginal product for all (variable) inputs must be equal to the price of the corresponding input (VMP
i
= w
i
), and (2) The marginal costs must be equal to the price of output (MC = p
y
).