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1988•Bulletin of Economic ResearchRequires access

AN ILLUSTRATIVE PRODUCTION FUNCTION FOR LABOUR‐MANAGED FIRMS*

Norman J. Ireland

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Abstract

ABSTRACT An illustration of the ambiguities in the behaviour of a labour‐managed firm in the long run when both capital and labour are variable is provided by means of an example which can be completely solved. Input demand and output supply functions are derived from a suggested production function. The special case of a homothetic production function is yielded by one of five parameter sets identified.

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ABSTRACT An illustration of the ambiguities in the behaviour of a labour‐managed firm in the long run when both capital and labour are variable is provided by means of an example which can be completely solved. Input demand and output supply functions are derived from a suggested production function. The special case of a homothetic production function is yielded by one of five parameter sets identified.

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Available abstract

ABSTRACT An illustration of the ambiguities in the behaviour of a labour‐managed firm in the long run when both capital and labour are variable is provided by means of an example which can be completely solved. Input demand and output supply functions are derived from a suggested production function. The special case of a homothetic production function is yielded by one of five parameter sets identified.

Key concepts: Homothetic transformation, Production (economics), Economics, Function (biology), Capital (architecture), Production function, Microeconomics, Supply

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