This graduate text develops production theory from a set of reasonable axioms. The theory is presented both in a primal and dual as well as in an indirect (constrained) framework. The basic model leads to a set of efficiency measures which can be readily employed in empirical work. A first draft of the text was used to teach students at Vanderbilt University. The text includes a variety of exercise problems.

The Production Structure.- Representing the Technology by Functions.- Special Production Structures.- Input Quantity Restricted Production.- Cost, Revenue and Duality.- Cost and Revenue Restricted Production.- Towards A Dynamic Theory of Production.- Performance Gauging.