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.

SUPPLY AND DEMAND 83 expenses multiplied by its output. The last part of this proposition must hold because the employer’s remuneration, apart from pay ment for his capital, is represented by the excess of his aggregate receipts over his aggre gate outgoings. At "a position of perfect equilibrium, it may be remarked incidentally, this difference, in the case of the marginal firm, must be an amount just sufficient to have induced the employer of marginal capacity to embark on production in the industry. If it were more, more employers would be attracted ; if it were less there would eventually be fewer employers. Super-marginal employers, owing to their greater ability, may be getting more than they would have worked for, but they will not produce more than they do because it would not pay them, whatever they are earning, to manufacture an extra pair of boots for sale at 14s. when the addition to their aggregate costs would exceed 14s. In order that no link may be missing in the chain of reasoning, the above exposition may be supplemented by a brief survey of the changes which occur when demand rises. Demand having risen, more than 14s. a pair would be paid for boots, were only 12,000 pairs obtainable, and our six firms would be induced to extend their operations if it were

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation