Determination of the production curves for the construction industry in the Czech Republic

• Date: 2015
• Main Author: Vochozka, M.
• Format: Article
• Language: English
• Published: Інститут телекомунікацій і глобального інформаційного простору НАН України 2015
• Series: Математичне моделювання в економіці
• Subjects: Інформаційні технології в економіці
• Journal Title: Digital Library of Periodicals of National Academy of Sciences of Ukraine
• Cite this: Determination of the production curves for the construction industry in the Czech Republic / M. Vochozka // Математичне моделювання в економіці. — 2015. — № 1(2). — С. 5-21. — англ.

The construction industry is the first to be affected by developments in the economy. It is the first to contract during a period of economic recession and the first to expand during a period of economic growth. This brings to mind whether it is possible to predict the development of the economy based on predictions for the construction industry. This is a fairly complex problem which can easily be divide into several sub-problems. First and foremost it is necessary to find the means that will allow us to predict the development of the construction industry. It is possible to apply a production function, when an independent variable (production factory) is known and we look for a dependent variable i.e. the volume of production. The production functions for the coming years - if we know the volume of production factors - may indicate the future development of the industry. The subject of this paper is to find an answer to the first of these partial problems. The purpose of this is to be able to predict the development of the economy based on the development of the construction industry and to find the means by which these predictions can be made specifically based on production functions for the construction industry in the Czech Republic.