We shall continue to base ourselves on the assumptions of the technical nature of production mentioned in the Introduction to Part Two. (Momentary single production with only continuity factors whose quantities — in common with the product quantity — can be measured in terms of technical units.)
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- 1.A more complete study of ‘second order’ conditions is given in my book Maxima et Minima, Dunod, Paris, 1959, which will also appear in English at D. Reidel Publishing Company, Dordrecht, Holland.Google Scholar
- 1.Details are given in my general lectures on economic theory (15.5).Google Scholar
- 1.Assuming sales to be equal to production.Google Scholar
- 1.Because then p < b. Google Scholar
- 1.If we also wish to find the explicit expressions for the corresponding elasticities, these can be found with the aid of suitable normalisations.Google Scholar