What people are saying - Write a review
We haven't found any reviews in the usual places.
Extensions Applications and Interpretations
The Regulation of One Firm Producing One Good
16 other sections not shown
advantage of prices analysis assume assumption automobile benefit function benefit side benefits minus costs carbon monoxide ceteris paribus Chapter computed consumption distortion context correlated cost function cost side costs and benefits covariance created crucial defined distribution disturbances economic efficiency gain effluent charge elasticity of substitution equal equation example exist expected benefits minus expected costs expected marginal expected value Figure firms under price incentive schedule induced effect industry industry-wide intermediate loss marginal benefits marginal costs maximizing expected benefits mode of control negative nitrous oxides number of firms Observe optimal price order optimal quantity order order condition output distortion perfect information pollution positive bias preferred price control prices and quantities prices over quantities product variability profit maximizing quantity control quantity standards random variables reaction function reduction regulation result Section similarly subsection term tion uncertainty variance variation under prices x-firm