Political economy

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

66 POLITICAL ECONOMY it for the sake of argument that the output of the five firms is 120,000 yards. Then the supply price for an output of 120,000 yards would be 7jd. Continuing this line of reason ing we could construct, in theory at any rate, a schedule of supply prices for all possible outputs. The highest cost of production (as above defined) for a given output is loosely called the marginal cost of production. With a view to avoiding an ambiguity that will appear later, it is better to call it the cost of production (per unit of output) of the marginal firm when there is any chance of a misunderstanding of the shorter ex pression. So far our course has been plain sailing, but we now reach troubled waters. We have assumed above that the new firm E will have a cost of production higher than that reached by any of the firms, A, B, C, and D, under the old conditions. But this would not necessarily be the case. The new firm might conceivably have a cost of production lower than the old marginal cost, and yet the highest of all the costs under the new conditions. After the new firm had appeared and the industry had been made larger, greater special ism—of labour, machinery and businesses— would be likely to pervade the industry event-

Access restriction

Copyright

Object: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation