Know About the Concept of Duality in Production and Cost Theory with Details!
The aim of the organization is to face the challenges of the competitive input market and the technological possibilities. It should always aim at reducing the cost by producing quality output and making the correct decision while choosing the data. To gain the benefits, you can consider the minimum price as the result of both the input cost and the output produced. Hence, the cost functions play a significant role in the theory of production.
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Meaning of Duality
The duality theory explains the relationship between the cost function and product function. It states that there is a connection between these two under certain circumstances. The duality in production and cost theory homework help states that you can use both the function for understanding the production functions through observation. It also states that the duality between them is identical to the duality between utility and expenditure function. It is also isomorphic.
The Function of Dual Cost
You can measure the economic behavior of the firms by using the principles of profit and cost maximization. Hence, in the duality in production and cost theory assignment help, you can find the principle of duality explained elaborately. However, the law suggests that you can conclude that there is a dual problem in the constrained profit maximization problem while obtaining the constrained minimization of cost.
Data Properties used in Estimation
The methodology for estimating the cost and production is as follows.
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