Merck's Warenlexikon für Handel, Industrie und Gewerbe

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Monograph

Identifikator:: 895603128

URN:: urn:nbn:de:zbw-retromon-10120

Document type:: Monograph

Author:: Merck, Klemens http://d-nb.info/gnd/1064962637

Title:: Merck's Warenlexikon für Handel, Industrie und Gewerbe

Edition:: Sechste, völlig neu bearbeitete Auflage

Place of publication:: Leipzig

Publisher:: G.A. Gloeckner, Verlag für Handelswissenschaft

Year of publication:: 1919

Scope:: 1 Online-Ressource (IV, 555 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: M

Collection:: Economics Books

68 POLITICAL ECONOMY to some extent by the greater scope afforded for specialism. We are here in touch with the conceptions of increasing and decreasing returns. When the enlargement of an industry is accompanied by a rise in marginal cost it is usual to say that the industry is subject to decreasing returns. But when the enlargement of an industry is accompanied by a fall in marginal cost, it is usual to say that it is subject to increasing returns. When marginal costs remain the same it is said that the industry is subject to constant returns. Why these phrases “ in creasing returns,” “ decreasing returns,” and “ constant returns ” are employed in the cases imagined will be readily grasped. If the cost of production of the new marginal firm is beneath that of the old marginal firm, the output per unit of cost of the former firm must be greater than the output per unit of cost of the latter. The outputs or returns of the industry at the margin will, therefore, have increased with an extension of the industry. Hence the use of the term “ increasing returns,” and the equal appropriateness of the terms “ decreasing returns ” and “ constant returns ” in the cases to which they apply. The conceptions of increasing, decreasing,

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