The Short-Run Approach to Long-Run Equilibrium in Competitive Markets: A General
68,83 €
Since the optimal values (profit and cost functions) are usually nondifferentiable—this is so when there are joint costs of production such as capacity constraints—nonsmooth calculus is employed to resolve long-standing discrepancies between textbook theory andindustrial reality by giving subdifferential extensions of basic results of microeconomics, including the Wong-Viner Envelope Theorem.
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