Recessions appear to be times when the marginal rate of substitution between goods and workers’ time falls below the marginal product of labor. If so, the allocation of workers’ time is inefficient. I develop a model of households and production that reconciles cyclical movements in the marginal value of time and the marginal product. The model embodies the findings of research that the Frisch ...

Non-parametric DEA is a technique on the basic of mathematical programming to determine the efficiency of homological decision making units. DEA models changes in demand cause changes in variations in output levels and also will cause changes in a firm’s inefficiency. Often a firm can adjust input influencing on the output level. Models designed with technique on DEA that considers changes in d...

In this lecture, we study the Belief propagation algorithm(BP) and the Max Product algorithm(MP). Last lecture reminds us of that in MRF, computing the marginal probabilities of random variables and Maximum A Posteriori(MAP) assignment is important. The Belief Propagation algorithm is a popular algorithm that is used to compute marginal probability of random variables. Max Product algorithm is ...

Is capital allocated so that its marginal product is equated to the market interest rate? Is the marginal product of capital equalized across its alternative uses. This paper attempts to answer both of these questions using data from India, and concludes that both these standard properties fail by a wide margin.

this study carried out for economic investigation on laying hen farms in tehran province. the data was collected through completion of questionnaire by direct interview from 41 layer farms, which were selected by stratified random sampling method in 2013. among all types of production functions, the cobb-douglas production function was selected and its coefficients was estimated and average pro...

We analyze the effect of product quality on the output of a high-quality dominant firm facing a low-quality competitive fringe. Using a standard vertical differentiation model, we show that profit maximizing output decreases with product quality when the dominant firm’s marginal cost is lower than that of the fringe, is independent of quality when marginal cost is the same for all firms, and is...

We analyze the effect of product quality on the output of a high-quality dominant firm facing a low-quality competitive fringe. Using a standard vertical differentiation model, we show that profit maximizing output decreases with product quality when the dominant firm’s marginal cost is lower than that of the fringe, is independent of quality when marginal cost is the same for all firms, and is...