Principles and Problems of Modern Economics |
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Page 600
... factor and will receive a price for the product that any additional factor produces . The slope of the trans- formation curve of factor into product gives the production possibility of transforming factor into product . If the firm gets ...
... factor and will receive a price for the product that any additional factor produces . The slope of the trans- formation curve of factor into product gives the production possibility of transforming factor into product . If the firm gets ...
Page 635
... factor that we have MPr / Pr = 1 / MR . Cross multiplying this gives us MP ( MR ) = PF , that is , the price of a factor is the marginal product of that factor times the marginal revenue . F What does all this mean from the point of ...
... factor that we have MPr / Pr = 1 / MR . Cross multiplying this gives us MP ( MR ) = PF , that is , the price of a factor is the marginal product of that factor times the marginal revenue . F What does all this mean from the point of ...
Page 643
... factor MP ( MR ) F1 F2 D Quantity of factor Quantity of factor Figure 20.12 . Factor use under monopolistic competition in the product market . How about the price paid for the factor and the income that the factor unit receives ...
... factor MP ( MR ) F1 F2 D Quantity of factor Quantity of factor Figure 20.12 . Factor use under monopolistic competition in the product market . How about the price paid for the factor and the income that the factor unit receives ...
Contents
The Development of Modern Economic Problems | 23 |
Economic | 39 |
A Simple Model of the Economy | 53 |
Copyright | |
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Adam Smith agricultural amount areas assets average bank become billion capital commodity consumer consumption corporation cost curve cycle debt demand curve depression diagram discussion dollar economists economy effect efficiency elasticity enterprise equal equilibrium example expenditures exports factor factors of production farmers Federal Reserve Figure firm full employment gold higher important increase indifference curve individual industry inelastic inflation interest rate investment labor large number less manufacturing marginal cost marginal product marginal revenue means ment mercantilists merely monetary monopolistic competition multiplier national income operations organized output payments percent problem profits purchase pure competition quantity ratio real income reduce rent reserve ratios result saving schedule sell situation slope social spending sumer supply and demand supply curve surplus tariff taxes tend theory tion trade union United wages workers