Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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96 POLITICAL ECONOMY the data from which he calculates at what output maximum gains can be reaped ; but, according to the exposition above, the comparisons which determine his action are comparisons of aggregates—of total gains at different outputs—not of margins, or, in other words, of the differences made to gains by small variations of output. This, however, is not an altogether correct account of the matter. The monopolist aims at an aggregate, a maximised revenue, but in order to attain it he can be guided, and is not unlikely to be guided, by the marginal effects of varia tions of his output on his net gains. He need not make his supply leap about bewilderingly in the hope of fortuitously hitting upon the one most favourable to his interests. On the contrary, if he is wise, he will decide on some output which seems to offer reasonable prospects of yielding a high monopoly revenue and then proceed scientifically by making small variations in it and watching their effect on his profits. When an effect is favourable he will naturally make another variation in the same direction and so on, but when it is otherwise he will retrace his steps. When monopoly revenue is the greatest possible, marginal costs equal what might be termed differential

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