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Some Basic General Concepts
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additional units Alfred Marshall analysis assumed assumption average cost curve axis change in total change of purchases chap Chapter commodity concept consumer consumer's cost of production defined demand curve diagram DOLLARS economic rent economists effect elasticity of demand employed equal Equation equilibrium condition equilibrium position explained firm George Stigler given indifference curve industry isoquants J. R. Hicks labor level of output linearly homogeneous loanable funds long-run average cost long-run equilibrium Macmillan marginal cost marginal revenue marginal utility Marshall Marshallian maximize measure money income monopolist monopoly monopsony MRPL normal profit numeraire perfect competition price change price decrease price theory problem production function Professor purchasing power quantity rate of change ratio remains constant represents result revenue curve sellers supply curve tangent tion total amount spent total change total revenue total utility utility of income variable input wage York zero