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PROFIT MAXIMISATION AND IMPERFECT COMPETITION—AN APPLICATION OF QUADRATIC PROGRAMMING TO HORTICULTURE *
Author(s) -
Rae A. N.
Publication year - 1970
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1970.tb01382.x
Subject(s) - imperfect competition , profit (economics) , imperfect , quadratic programming , economics , competition (biology) , quadratic equation , microeconomics , mathematical economics , mathematical optimization , mathematics , industrial organization , ecology , linguistics , philosophy , geometry , biology
This paper discusses the determination of profit‐maximising behaviour under conditions of imperfect competition in product and/or factor markets. After stating a quadratic programming model which restricts product demand and factor supply functions to a linear form, an empirical application to a New Zealand nursery firm is discussed. It is concluded that such quadratic programming models should have an important role to play in horticultural management