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Production economics is that branch of microeconomics that examines producer decisions. This book focuses on the empirical estimation of these relationships using primal, dual, and differential specifications. The primal specification models production decisions based on the production function - estimation of the input/output relationship and the derivation of optimization behavior from this technical relationship. The dual approach estimates production decisions using economic information such as input and output prices. The textbook then develops the linkages between these relationships. The differential problem is an alternative approach derived from changes in the first-order conditions from cost minimizing behavior. In each case, the theoretical development is followed by different empirical specifications that can be used to estimate the producer's choice.

""This book presents a useful and well-integrated connection between mathematical statistics and applied econometrics. There is a natural progression from probability theory to estimations to economics applications, and the examples are helpful to understand and illustrate the statistical concepts. I highly recommend it to students who want to understand statistical theory that is driving econometrics applications frequently used in economics research.""--Ani Katchova, Associate Professor, Agricultural Economics, University of Kentucky""This book is a formal yet accessible introductory textbook

1. Introduction -- 2. Financial institution and markets -- 3. Financial understanding of accounting concepts -- 4. Ratio analysis and the Dupont system -- 5. Capital budgeting -- 6. Valuing investment under risk and uncertainty -- 7. Debt choice -- 8. Summary.

This EDIS document FE342, a publication of the Department of Food and Resource Economics, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville, FL. Published October 2002.