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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186 POLITICAL ECONOMY of labour could be introduced and larger recourse could be had to machinery, the additions made to expenses would at first fall as additions were made to the output. But after a time additions made to expenses would begin to rise because, when the business had reached a certain size, the slackening of the employer’s control, consequent upon the extension of the activities over which he had to exercise supervision, would counteract the possibilities of economy by way of special ising and the larger use of machinery. And, from that point onward, additions made to expenses would steadily rise. Our imaginary employer would allow his business to grow until the final addition made to expenses was equal to the price which he received for the product, that is until his marginal expenses equalled price. Let the following be the facts in the neighbourhood of the position of equilibrium :— Output of the business in tons per year. 1,000 1,001 1,002 1.003 1.004 1.005 Aggregate cost of output. £ 11,490 11,502 11,514 11,526 11,538 s. d. 0 0 11,550 15 Marginal cost. £ S. d. 12 0 0 12 1 0 12 3 0 12 5 0 12 6 0

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