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Prices and Demands for Input Characteristics
Author(s) -
Ladd George W.,
Martin Marvin B.
Publication year - 1976
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1238573
Subject(s) - dual polyhedron , value (mathematics) , economics , production (economics) , time value of money , function (biology) , yield (engineering) , unit (ring theory) , mathematical economics , econometrics , mathematics , microeconomics , statistics , combinatorics , physics , finance , mathematics education , evolutionary biology , biology , thermodynamics
Price of an input equals the sum of the money values of the input's characteristics to the purchaser; money value of each of an input's characteristics equals the input's yield of the characteristic multiplied by the money value of one unit of the characteristic. Demand for an input is affected by the input's characteristics. The themes are derived from a neoclassical firm model, in which the arguments of the firm's production function are quantities of input characteristics used, and from duals of linear programming blending problems. These themes are used to evaluate corn grades.