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Industry Total Cost Functions and the Status of the Core

  • Telser, Lester G
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    The industry total cost function gives the least total cost to an industry of producing a prescribed total output. For standard demand schedules where price and quantity vary inversely, a nonempty core requires nondecreasing returns to scale. Because a nonempty core is necessary for a neoclassical competitive equilibrium, this means an industry can be in a competitive equilibrium only if it has nondecreasing returns to scale. Thus, industries in which the firms have identical U-shaped average cost (Viner industries) or flat-bottomed average cost do not satisfy this condition so they cannot have a competitive equilibrium for arbitrary standard demand schedules. Copyright 1991 by Blackwell Publishing Ltd.

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    Article provided by Wiley Blackwell in its journal Journal of Industrial Economics.

    Volume (Year): 39 (1991)
    Issue (Month): 3 (March)
    Pages: 225-40

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    Handle: RePEc:bla:jindec:v:39:y:1991:i:3:p:225-40
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