The Demand for Production Factors and the Price Sensitivity of Input-Output Predictions

Abstract

THE THEORY of consumer's behavior and the theory of cost and production are like sisters, the younger having to wear out the clothes of the elder. In this comparison, the theory of cost and production is, of course, the younger sister. Samuelson [10] demxionistrated the thoroughgoing congeniality between the two. Recently, one of the present authors [12] endowed the theory of consumer's demand with new garments. It seems natural, therefore, to try this outfit on the theory of production. The classical theory of cost and production is concerned with the minimization of a linear cost function,

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