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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E SUPPLY AND DEMAND 65 Were it to receive continuously less than 7d. a yard for its output the pay of some at least of its agents would have to be reduced to an inadequate level, and they would conse quently be disposed to seek some other occupation, and even if they did not the gaps in their ranks created by time would wait in vain to be filled up. Hence, we may conclude at once that the supply price for a given out put must tend in the long run to equal at least the highest of the costs involved in the attain ment of that output. And it cannot for long be more. Were the demand price for 100,000 yards of braid per year more than 7d., and were the price, under the influence of the competition of the buyers, forced up to the demand price, as it would be, productive agents would be attracted to the industry because in such circumstances producers and capital in the industry would be receiving more than normal remuneration. So we may suppose that another firm would be added to the four already in existence. Premise that the cost of production of the fifth firm is 7|d. If this were the highest cost under the new conditions, the new firm, which we shall call E, would be the marginal firm under the new conditions and the supply price would reach 7£d. for an output of five firms. Let us take

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