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Consumer Equilibrium ALBERT M
Bandwagon Snob and Veblen Effects
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amount analysis assumed assumption automobile average cost behavior capital commodity concept constant consumer consumer's consumer's surplus consumption cost curve cost function current interpretation demand curve diagram discussion distribution Econ economic theory economists effect elasticity empirical equal equations equilibrium estimates existence expenditures fact factors factors of production Figure firm given hence horsepower hypothesis implies increase indifference curves individual industry input isoquants J. R. Hicks labor less long-run marginal cost marginal cost curve marginal productivity marginal utility Marshall Marshall's mathematical programming maximization money income monopolistic competition monopoly nomic oligopoly output perfect competition possible principle problem production function profit purchasing quantity demanded ratio real income refer relationship relative rent represents result returns to scale revenue seller share short-run snob effect social statement substitution supply curve surplus Sylos theoretical tion uncertainty unit variables wage welfare welfare economics