Behavior of the Firm Under Regulatory Constraint: Clarifications
Abstract
The major point of criticism on A-J by T, is that (A-J) . . . involves an error of confirming the movements along the with the shift of the curve (T, p. 257). This point seems to be obvious from Figure 1 in T, p. 258, but it looks like P-C has a serious objection to this (see p. 211). Mathematically the point of T is even simpler. Consider a continuous real-valued function defined on the nonnegative orthant of R2, f(xi, x2). Suppose one of the variables (say xi) is fixed as a, and 4 is defined by
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