Price uncertainty, production and profit

Abstract

My motive for doing this analysis w as to examine some

of the effects of price uncertainty and instability upon production and profit in the hope that this would give some insight into agricultural price policy. So many theoretical problems were involved that it soon became apparent that it would be necessary to concentrate upon them rather than upon the policy side of things. Consequently, this thesis presents my current thoughts upon the theory of production and profit under conditions of price uncertainty and under pure competition. However, there is much more to be done at the group level, i.e. at the industry and economy level. Also, more allowance should be made for the element of time. Show more