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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SUPPLY AND DEMAND 79 expenses, apart from his own remuneration, would vary with the variation in the extent of his firm’s operations. The firm, suppose, produces boots of one sort. If it turned out very few pairs a year the expenses of produc tion would certainly be high, because for a tiny output very little machinery could be used and very little division of labour could be introduced. Successive enlargements of out put by equal increments would, therefore, entail additions to the total expenses of production which for a time would become continuously less and less. These additions to the total expenses of a business (involved in its expansion) may be called the marginal expenses of a business; which are to be distinguished from marginal expenses, so- called, meaning the expenses per unit of output of the marginal firm. Let us have figures to prevent any mis apprehension. Say 1000 pairs of boots a year are manufactured and that the aggregate expenses, including interest on capital, wages, cost of material, and everything with the exception of the employer’s earnings for him self, amount to £1000. Let the size of the business increase so that the output becomes 1001 pairs of boots, and let the addition to the total expense be 15s. This may be called

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