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The Anatomy of a Step Supply Function

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  • Marvin Kottke

Abstract

A close examination is made of the conceptual basis underlying a step function in order to identify the parts of steps and relate them to an economic interpretation. Emphasis is placed on the relevance of (1) the "relation," "function," and "discontinuity" definitions, (2) the identity of marginal cost in the steps, and (3) the MR ≥ MC profit-maximization criterion to the interpretation. It is contended that, if producers conform to linear programming specifications, their step supply functions should be interpreted as representing a sporadic response which calls for a modified applicability of elasticity, reversibility, and length-of-run concepts.

Suggested Citation

  • Marvin Kottke, 1967. "The Anatomy of a Step Supply Function," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(1_Part_I), pages 107-118.
    • Handle: RePEc:oup:ajagec:v:49:y:1967:i:1_part_i:p:107-118.
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    File URL: http://hdl.handle.net/10.2307/1237071
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    Cited by:

    1. Warrack, Allan Alexander, 1967. "Location analysis of the Iowa feed manufacturing industry: least-cost alternatives," ISU General Staff Papers 196701010800004436, Iowa State University, Department of Economics.
    2. Batterham, Robert L. & MacAulay, T. Gordon, 1994. "Price-Linked Farm And Spatial Equilibrium Models," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(2), pages 1-28, August.
    3. Flinn, John C., 1969. "The Demand For Irrigation Water In An Intensive Irrigation Area," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 13(2), pages 1-16, December.

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