tailieunhanh - Half Year Economic and Fiscal Update 2010

Basic concepts of production function. Historical background and characteristics of different forms of production functions- linear, quadratic, square-root, Spillman, cubic, semi-log, Cobb-Douglas, trascedental, CES, VES and Leontief. Static and dynamic production functions and their applications. Frontier production functions. Dualities between production, cost and profit functions. Derivation of output supply and factor demand functions from production and profit functions. Optimisation and resource allocation. Multiple product relationships. Production possibility curves. Choice between products and resource use. Spatial and temporal allocation of resources. Resource-use efficiency: size, productivity and returns to scale, allocative efficiency, analysis of factor shares in agriculture and their implications on income distribution. Risk attitudes in agriculture, optimization under risk. | Half Year Economic and Fiscal Update 2010 Hon Bill English Minister of Finance 14 December 2010 ISBN 978-0-478-35092-0 Print ISBN 978-0-478-35093-7 Online Statement of Responsibility On the basis of the economic and fiscal information available to it the Treasury has used its best professional judgement in supplying the Minister of Finance with this Economic and Fiscal Update. The Update incorporates the fiscal and economic implications both of Government decisions and circumstances as at 22 November 2010 that were communicated to me and of other economic and fiscal information available to the Treasury in accordance with the provisions of the Public Finance Act 1989. John Whitehead Secretary to the Treasury 6 December 2010 This Economic and Fiscal Update has been prepared in accordance with the Public Finance Act 1989. I accept overall responsibility for the integrity of the disclosures contained in this Update and the consistency and completeness of the Update information in accordance with the requirements of the Public Finance Act 1989. To enable the Treasury to prepare this Update I have ensured that the Secretary to the Treasury has been advised of all Government decisions and other circumstances as at 22 November 2010 of which I was aware and that had material economic or fiscal implications. Hon Bill English Minister of Finance 6 December 2010 16 1 Economic and Fiscal Update Overview Economic outlook Growth has been weaker than forecast at Budget and activity is anticipated to have lifted only gradually over the second half of 2010. The economic recovery is expected to continue to be gradual with growth weighed down by subdued domestic demand. Temporary factors and events are expected to lift growth to in the March 2012 year but the current expansion is forecast to be weaker than recent recoveries with growth expected to be slightly under 3 beyond 2012. The outlook is characterised by muted growth in private consumption as households are .

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