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Utility Maximization, Individual Production and Market Equilibrium

  • Lapan, Harvey E.
  • Brown, Douglas M.

This paper constructs an equilibrium model of the supply behavior of an industry comprised of utility maximizing owner-operators, and derives its implications for empirical work. Except for the case of long-run constant costs, the perverse results for the firm (a backwar d-bending labor supply curve for the entrepreneur may lead to a negatively-sloped product supply curve and positively-sloped input demand curve) carry through to the industry. New results include the finding that, under increasing costs, a rise in entry costs can lead to a fall in price, even when the entrepreneur's labor supply curve is upward sloping.

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10815.

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Date of creation: 01 Oct 1988
Date of revision:
Publication status: Published in Southern Economic Journal, October 1988, vol. 55 no. 2, pp. 374-390
Handle: RePEc:isu:genres:10815
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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