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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G MONOPOLY 97 receipts, provided that an addition to the output at this point would cause marginal costs to exceed differential receipts, and a reduction of the output would cause differ ential receipts to exceed marginal costs. By marginal costs is to be understood the addition made to aggregate costs by the production of the last increment ; and by differential receipts is to be understood the addition made to the aggregate gross receipts by the sale of the last increment. We must not call the latter “ marginal receipts,” because that term might mean the marginal demand price. It is necessary to remark that there may be outputs other than that yielding the greatest monopoly revenue of which the above statement holds. Any position of which it holds may be called a position of monopoly equilibrium. When there is more than one position of monopoly equilibrium, so defined, the monopolist naturally selects that one which yields him the highest monopoly revenue, provided that he knows of its existence. Thus far we have taken for granted that the commodity can be sold for one price only, but as we shall see later there are circum stances in which it is feasible to impose differential or discriminative charges. How-

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