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EARLY ECONOMIC THEORIES OF PRICE
RECENT ECONOMIC THEORIES OF PRICE
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Adam Smith adjust Alfred Marshall analysis basis buyer cent collusion concept of pricing cost of production customers developed duction dustry economic theory economists equilibrium establishing price estimating excess capacity factors FIGURE firms selected fixed costs four industries full cost pricing Furniture Industry 80 glass container industry glass container manufacturers Hall and Hitch important increase industries studied Industry Glass Industry kinked demand labor large number long run long-run welfare marginal concept marginal price marginal revenue maximize maximum profits metal containers monopolistic competition nomic number of firms oligopoly output paint and varnish Paint Industry Glass Percentage CODE perfect competition pric price maker price theory pricing concept pricing methods pricing policies pricing practices product differentiation product line profit rate Pulp Industry 60 quantity questionnaire reasonable Replies selling standard cost standard full cost theories of pricing tion unit cost utility varies varnish industry Wood Pulp Industry