Multi-product firms and simultaneous equilibrium

Simultaneous Equilibrium of Consumers and Producers

To illustrate simultaneous equilibrium, we will consider a 2*2*2 model with two products (X and Y), two consumers (A and B) and two factors of production (L and K). The production…

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August 3, 2022

Microeconomics / Multi-product firms and simultaneous equilibrium / Theory of Costs, Production and Producer Equilibrium

Multi-product Firm and Production Contract Curve

We already discussed the Production Possibility Curve associated with two outputs and the Economies of Scope. Here, we will analyze how a multi-product firm can achieve equilibrium. It can help…

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July 28, 2022

Microeconomics / Multi-product firms and simultaneous equilibrium / Theory of Costs, Production and Producer Equilibrium

Production Possibility Curve (PPC)

The Production Possibility Curve is also referred to as the product transformation curve and production possibility frontier. Firms often produce more than one outputs that are closely related to each…

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July 22, 2022

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