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Utility Maximization, Individual Production and Market Equilibrium

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  • Lapan, Harvey E.
  • Brown, Douglas M.

Abstract

This paper constructs an equilibrium model of the supply behavior of an industry comprised of utility maximizing owner-operators, and derives its implications for empirical work. Except for the case of long-run constant costs, the perverse results for the firm (a backwar d-bending labor supply curve for the entrepreneur may lead to a negatively-sloped product supply curve and positively-sloped input demand curve) carry through to the industry. New results include the finding that, under increasing costs, a rise in entry costs can lead to a fall in price, even when the entrepreneur's labor supply curve is upward sloping.

Suggested Citation

  • Lapan, Harvey E. & Brown, Douglas M., 1988. "Utility Maximization, Individual Production and Market Equilibrium," Staff General Research Papers Archive 10815, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:10815
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    Cited by:

    1. Thomas F. Crossley & Jeremiah Hurley & Sung‐Hee Jeon, 2009. "Physician labour supply in Canada: a cohort analysis," Health Economics, John Wiley & Sons, Ltd., vol. 18(4), pages 437-456, April.
    2. Marvasti, Akbar, 2014. "An estimation of the demand and supply for physician services using a panel data," Economic Modelling, Elsevier, vol. 43(C), pages 279-286.
    3. William Stull, 2014. "Taking the Plunge: Teaching the Microeconomics of Entrepreneurship," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(2), pages 139-150, May.
    4. James Thornton, 1998. "The labour supply behaviour of self-employed solo practice physicians," Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 85-94.

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