Fundamentals of Economics: A Property Rights Approach |
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Page 220
... firm's profit over and above the opportunity cost of resources employed by the owner ( remember Chapter 12 ) . By impli- cation , the owner of the firm must maximize the residual in order to survive ( e.g. , to break even ) . The cost ...
... firm's profit over and above the opportunity cost of resources employed by the owner ( remember Chapter 12 ) . By impli- cation , the owner of the firm must maximize the residual in order to survive ( e.g. , to break even ) . The cost ...
Page 221
... firm is producing some output . At that output , the difference between the total revenue and total cost is given . It could be greater than , equal to , or less than zero . It all depends on whether the firm's earnings are in excess of ...
... firm is producing some output . At that output , the difference between the total revenue and total cost is given . It could be greater than , equal to , or less than zero . It all depends on whether the firm's earnings are in excess of ...
Page 224
... firm's marginal revenue is less than the price at each rate of output . The reason is quite obvious and simple to understand . Suppose that the firm is selling two units of output at $ 9 . Total revenue is then $ 18 . Should the firm ...
... firm's marginal revenue is less than the price at each rate of output . The reason is quite obvious and simple to understand . Suppose that the firm is selling two units of output at $ 9 . Total revenue is then $ 18 . Should the firm ...
Common terms and phrases
additional allocation of resources alternative amount analysis behavior bundle bundle of rights bureau capital Chapter Coke community's consequences consumers contract cost of producing decision demand for wheat demand schedule discussion earnings economic effect efficient employment equilibrium exchange opportunities extent of exchange farmer firm's food stamp program freedom of contract Gosplan higher price highest-valued incentives increase inflation innovation inputs investment labor unions law of demand less lower price manager marginal cost marginal productivity marginal revenue market-clearing negotiating nonpecuniary open market opportunity costs output-mix owner percent person pizza planned economy preferences price competition price of wheat price-searcher price-takers private property production frontier productivity of labor profit profit-maximizing property rights quantity demanded rancher reduce right of ownership satisfaction seek self-interest sell seller shareholders shift Soviet supply schedule Table ticket total cost unions unit of output units of wheat wage rate workers