Contemporary Production Theory: Its Importance in Agricultural Research

This paper discusses in details several important aspects of contemporary production theory and its relationship to neoclassical theory. In particular, it provides a detailed presentation of fundamentals of duality, multiproduct cost functions, elasticity of substitution between input pails in its various forms, production factors functional separability, functional forms, and the concept of factor price frontier. The approaches outlined in this paper have applications to studies conducted for entire regions or countries, but is also applicable to studies conducted on data from farm records for individual firms