Derivation of Long-run Factor Demands from Short-run Responses
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The concept of the restricted cost function provides a dual approach to the analysis of short-run
technology. It allows also, under curvature restrictions, inference of the different possible equilibria,
according to constraints on the firms. Moreover, in this paper, the properties of the restricted
cost function are spelled out. Substitution possibilities related to the different regimes are also
derived from the restricted cost function.
This theoretical framework is applied to characterize the French cereal-producing sector by
using a cross-section of farms.