Abstract
An economic system is considered. The system consists of an active subsystem (a firm). There exists exchange between the firm and two economic reservoirs (markets) which are in environment of the system. Two cases are investigated; they are stationary and nonstationary regimes of the system functioning. The parameters of the market are constant in the stationary regime. Parameters of the market in the nonstationary regime are random; their distributions are known. Expressions for maximal profit and maximal profitability at given profit are obtained. Additional problem is considered for nonstationary regime. It is minimization of risks problem. Optimality conditions for this problem are obtained.
Highlights
In neoclassical microeconomics it is assumed that the only objective function of a firm as an economic system is its profit [1]
Really there are a lot of other objective functions of the firm
One of the common objective functions is profitability. It is determined as a ratio of profit and production costs
Summary
In neoclassical microeconomics it is assumed that the only objective function of a firm as an economic system is its profit [1]. Really there are a lot of other objective functions of the firm They account regime of the firm activity, its financial conditions, etc. If parameters of the economic system and its environment are not constants (they can be determined or random functions of time), there is a risk of decrement of either profit or profitability. This risk should be accounted during the investigation of regimes of the firm activity too. In the nonstationary case amount of objective functions increases: one should calculate parameters of distributions of both profit and profitability, and parameters of the risk. The point of the set can be chosen arbitrary according to weight of each objective function
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