Contents: Preface. 1. The production function. 2. Production with one variable input. 3. Production with two variable inputs. 4. Producer's choice of optimal combination of inputs. 5. Homogeneous production functions. 6. Empirical production functions. 7. Production function of a multiproduct firm. 8. Mathematical appendix. 9. Glossary. 10. Selected problems. 11. References.
"Traditional theory of economics has been formulated in mathematical terms and an increasing application of mathematical methods to nearly every branch of economics is increasingly witnessed. Mathematical economics has become an integral part of the syllabi in economics at undergraduate and postgraduate levels. Students of economics are also becoming acquainted with mathematics and are learning to use it in economics.
Several new textbooks on mathematical treatment of micro-economics have been published but they do scant justice to the beginners by devoting only a few pages to the economic analysis of mathematical formulation. The basic problem is that of teaching economics in mathematical terms. The present textbook is intended for students of economics who possess some knowledge of both economics and mathematics. The selection of topics are indicated by economics, rather than mathematical content and the order of presentation is in consonance with the prescribed syllabi of numerous Indian Universities for undergraduate and postgraduate levels.
The book also aims at advanced undergraduate and postgraduate students in economics who often wish to find how mathematics contributes to the understanding of familiar concepts in the theory of production. The object, therefore, is to make the book a self-teaching device that a careful student can work through and master. This does not make classroom teaching unnecessary, but it is certainly going to reduce considerable teaching burden from the teachers' shoulders. It is hoped that the comprehensive treatment of the material covered will provide the students with the necessary modern techniques and general theoretical framework with which to approach an analyse the phenomena of production theory in micro-economics." (jacket)