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Consumer Equilibrium ALBERT M
Bandwagon Snob and Veblen Effects
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amount analysis argument assumed assumption automobile average cost bandwagon effect behavior capital compensating variations concept constant consumer consumer's surplus consumption cost curve current interpretation definition demand curve diagram discussion distribution Econ economic theory economists edition elasticity empirical equal equations equilibrium example existence expenditures fact factors Figure firm given hence Hicks hypothesis imperfect competition implies income effect increase indifference curve individual industry input isoquants J. R. Hicks labor laws less logical long-run marginal cost marginal productivity marginal utility market demand Marshall Marshall's Marshallian maximization modity money income money profit monopolistic competition monopoly nomic output position possible preference price line Principles problem production function purchasing power quantity demanded ratio real income relationship relative rent represents result returns to scale short-run snob snob effect social statement substitution supply curve Sylos theoretical tion uncertainty units variables wage welfare welfare economics