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Simple Analytics of Productive Consumption

  • Wing Suen
  • Pak Hung Mo

The shadow price of a productive good is equal to its money price less its marginal product. As more of the good is consumed, its shadow price rises because of diminishing productivity and the consumer's full income also rises because the marginal product is positive. The direction of the overall bias induced by endogenous prices and income is found to be determinate. The authors demonstrate that the demand for productive goods tends to be relatively unresponsive to exogenous changes in prices and income. Similarly, labor supply will be relatively unresponsive to wage and unearned income if market work causes fatigue. Copyright 1994 by University of Chicago Press.

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Paper provided by Chinese University of Hong Kong, Department of Economics in its series Departmental Working Papers with number _030.

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Date of creation: Oct 1993
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Handle: RePEc:chk:cuhked:_030
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  1. N/A, 1981. "Chapter II. the World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 98(1), pages 29-46, November.
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  14. Pollak, Robert A & Wachter, Michael L, 1975. "The Relevance of the Household Production Function and Its Implications for the Allocation of Time," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 255-77, April.
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  23. N/A, 1981. "Chapter I. the British Economy in the Medium Term," National Institute Economic Review, National Institute of Economic and Social Research, vol. 98(1), pages 6-28, November.
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