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Rationing to Restrict Demand
Some Further Points on Rationing
9 other sections not shown
allocation amount analysis assume Becker Birmingham cartel cent Common Fisheries Policy competitive consider constraint consumer consumption cost curves cost of effort coupons criminal deadweight loss demand curves diagram drivers economic rent effect equal equilibrium estimate excise tax exhaustible resource expansion path expected utility exported extraction costs face fares Figure firm fishermen fishery income increase individual boat industry level of effort licence plates long-run average cost marginal cost maximise microeconomics minimum efficient scale monopoly NM utility number of boats number of licences oil prices OPEC optimal catch rate optimal level optimum output partners pension period possible prawns premium Price Commission price path private hire cars problem production profits Quadrant Question 11 quotas rationing restricted retirement rice rise risk averse schedule shipowners short-run social security Suggested supplementary reading sumer supply Suppose sustainable yield taxi market taxi owner theory tion total cost trading utility function welfare loss