Horsley, Anthony; Wrobel, Andrew J - Suntory and Toyota International Centres for Economics … - 2005
The Wong-Viner Envelope Theorem on the equality of long-run and short-run marginalcosts (LRMC and SRMC) is reformulated for convex but generally nondifferentiable costfunctions. The marginal cost can be formalized as the multi-valued subdifferential a.k.a.the subgradient set but, in itself, this...