I. Production and Cost: One Variable Input 1. True/ False 1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be ...

This paper compares the production behavior of industrial and nonindustrial private forestland owners in the southeastern U.S. using a restricted profit function. Profits are modeled as a function of ...

The short run is the idea that within a certain time period, at least one input is fixed while others remain variable.

Many production activities generate undesirable outputs in conjunction with the desirable outputs. In this paper we present the first estimates of a multiple-input, multiple-output directional ...