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Tag Archives: Joint Production

Pattern Analysis for a Fixed Capital Example

Figure 1: A Pattern Diagram1.0 Introduction In this example, I perturb parameters in an example of Bertram Schefold's. I was disappointed in that, as far as I can see, one can analyze the choice of technique in this example by the construction of the wage-rate of profits frontier. As far as I understand, this is not true for joint production in general. I guess I also need to find an example in which the physical life of a machine is at least three years so as to find a three-technique...

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A Neoclassical Labor Demand Function?

Figure 1: A Labor Demand Function1.0 Introduction I am not sure the above graph works. I could draw three-dimensional graphs in PowerPoint, for models specified with algebra, where relative sizes are indefinite. But, I would need to be able to draw parallel lines, and so on. This post presents a model of extensive rent, with one produced commodity. A labor demand function, for a given rate of profits, graphs real wages versus employment. The resulting function is a non-increasing step...

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An Example of Bifurcation Analysis with Land and the Choice of Technique

Figure 1: A Bifurcation Diagram1.0 Introduction I have been looking at how bifurcation analysis can be applied to the choice of technique in models in which all capital is circulating capital. In my sense, a bifurcation occurs when a switch point appears or disappears off the wage frontier. A question arises for me about how to apply or visualize bifurcations in models with land, fixed capital, and so on. This post starts to investigate this question by looking at a numerical example of...

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