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Producer theory

§1. Profit maximization problem

Production possibility set

Profit maximization problem

Inputs and outputs

§2. Recovering feasible set

Empirical supply correspondence

Inner bound and outer bound

Complete data

§3. Rationalizability of supply choices

WAPM

Characterization when \(\pi\) is differentiable

Hotelling's lemma

General characterization

Homogeneity

"Law of supply"

Producer surplus

§4. Single-output case

Cost minimization problem

Shephard's lemma

§5. Solutions

§6. Aggregation

§7. Monopoly

§8. Short run and long run