Mathematical Aspects of Production and Distribution of by Tex.) Symposium in Applied Mathematics (1976 San Antonio,

By Tex.) Symposium in Applied Mathematics (1976 San Antonio, Peter D. Lax, American Mathematical Society

Show description

Read Online or Download Mathematical Aspects of Production and Distribution of Energy: [Proceedings of the Symposium in Applied Mathematics of the American Mathematical Soc ... of Symposia in Applied Mathematics, V. 21) PDF

Best business & finance books

The Art of Wing Leadership: Exploring the Influences of Aircrew Morale in Combat (Cadre Paper, No. 11)

This examine addresses the position that the air strength wing commander performs in affecting the extent of aircrew morale in the course of air wrestle. This learn solutions the query: Is it attainable to spot these features of management which are capable of maintain aircrew morale within the face of important losses? First, the writer defines aircrew morale because the enthusiasm and patience of airmen to fly wrestle missions.

Plunkett's Retail Industry Almanac 1999-2000

Thorough research of traits, careers, providers, funds. info at the booming Internet-based retailing company. Profiles of the best, fastest-growing outlets of all kinds.

Value and price: an extract

Worth and value is an extract from the optimistic thought. It builds a framework for marketplace economics, for it is thru worth and value that the folks supply function and target to the creation strategy. despite their motivation, even if fabric or excellent, noble or base, the humans pass judgement on items and companies in line with suitability for the specified pursuits.

Introductory Economics

This booklet has been written to satisfy the desires of the A-level economics candidate. even supposing loose status, it will likely be fairly helpful whilst used as a complement to the textual content Introductory Economics. It offers a quick yet thorough insurance of the A-level syllabus and highlights the commonest errors made through A-level applicants.

Additional info for Mathematical Aspects of Production and Distribution of Energy: [Proceedings of the Symposium in Applied Mathematics of the American Mathematical Soc ... of Symposia in Applied Mathematics, V. 21)

Sample text

There is no mention of the fact that inputs normally have to precede outputs. One of the consequences of the assumption of instantaneity is that the function omits an essential input. That input is finance. Because production takes time, inputs have to be acquired before their output becomes available for sale. During that interval the firm has to provide fmance, either in the form of liquid assets or by credits from suppliers. In the use of fixed capital, the interval between input and output is usually several years, and the amount of bridging fmance required is correspondingly large.

The possibility of producing more cheaply on a larger scale is not 'given' by a ready-made production function. It can be realised only by great effort, imagination, and willingness to take risks. If a firm succeeds in reducing unit costs by expansion (and not all do), it is usually the result of step-by-step experiment, or trial and error. In a few cases, a firm that has already developed the technology for producing efficiently on a large scale will start on a 'greenfield' site, or in another country, and immediately go into operation on the desired scale.

Recognition of this flaw is the basis of Leibenstein's (1966) concept of 'X-inefficiency'. But he moved only to a halfWay house. While continuing to accept that there 'is' somewhere an ideal production function, he drew attention to the fact that not all firms manage to make it work as it should. His main point was that workers do not always make as much effort as they would do if differently organised or given better incentives. There is often overmanning and organisational 'slack'. As a result, workers may lose interest in their work and begin to take things easy.

Download PDF sample

Rated 4.77 of 5 – based on 22 votes