Extension of Oi's price instability theorem |
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Authors: | Clem Tisdell |
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Institution: | Department of Economics University of Newcastle N.S.W., Australia, 2308 |
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Abstract: | Oi's theorem that product price variability raises the average profit of a single-product perfectly competitive firm is generalized in this paper to cover the case of an n-commodity firm. Under similar conditions to those mentioned by Oi for the single-product case, commodity (factor or product) price instability raises the average profit of an n-commodity perfectly competitive firm. |
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