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The Nature of the Market
Introduction to the Theory of the Firm
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50 man-hours acre of land additional analyze asset assume assumption bushels of wheat Chapter commodity competitive constant returns consumer consumption rate cost of production demand curve demand schedule determine discussion dollar's worth economic analysis elasticity of demand employed equal equilibrium price factor prices factors of production farms Figure fixed factors ginal product income indifference curve industry infinitely elastic input rate isocost line isoproduct curve labor input labor services land input long-run equilibrium long-run supply curve man-hours of labor marginal concepts marginal cost marginal rate marginal revenue marginal utility marginal-cost curve marginal-product market price maximizes its profits means minimum average cost monopolistic competition obtained problem product of labor product of land production function productive factors productive resources purchase rate rate of output rate of substitution ratio reduced rent returns to scale sell short-run supply curve shows slope Table tion unit variable factor wage rate wheat zero