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MicroeconomicsOptimization, Experiments, and Behavior$
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John P. Burkett

Print publication date: 2006

Print ISBN-13: 9780195189629

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195189629.001.0001

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Cost Minimization Using Linear Programming

Cost Minimization Using Linear Programming

Chapter:
(p.28) 3 Cost Minimization Using Linear Programming
Source:
Microeconomics
Author(s):

John P. Burkett

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195189629.003.0003

This chapter examines the use of linear programming in cost minimization efforts in production processes. Most economics have turned to linear programming to explain the convexity of isoquants, explore substitution possibilities among large sets of inputs, and predict substitution possibilities involving new inputs. Simple linear programming problems can be solved by geometric reasoning while more complicated ones can be solved by algebraic methods.

Keywords:   linear programming, cost minimization, production processes, isoquants, geometric reasoning, algebraic methods

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