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The Framework of price theory

Author: Allen, Clark Lee Publisher: Wadsworth, 1967.Language: EnglishDescription: 373 p. : Graphs ; 24 cm.Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HB221 .A42 1967
(Browse shelf)
000049282
Available 000049282
Total holds: 0

Includes bibliographical references and index

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The Framework of Price Theory Contents 1. INTRODUCTION Wants, Goods, and Resources Consumption, Production, Distribution, Exchange Allocation of Resources Microeconomics and Macroeconomics Scope and Method of Price Theory Markets Classified The Profit-Maximizing Assumption Postprandium Selected References 2. THE ELEMENTS OF PURELY COMPETITIVE MARKET PRICE DETERMINATION The Nature of Demand The Nature of Supply Equilibrium Price The Ceteris-Paribus Assumption Postprandium Selected References Problems 3. THE PRICE ELASTICITY OF DEMAND Elasticity of Demand and Total Expenditure Point Elasticity of Demand Elasticity and Slope Postprandium Selected References Problems 4. ARC ELASTICITY OF DEMAND AND SUPPLY Arc Elasticity Formulas Arc Elasticity and Total Expenditure Cross Elasticity of Demand Income Elasticity of Demand 1 2 5 8 10 10 11 14 15 20 21 21 25 27 31 33 40 41 45 46 48 55 59 62 63 68 69 71 74 76 Elasticity of Supply Postprandium Selected References Problems 5. MARGINAL UTILITY AND CONSUMER DEMAND Diminishing Marginal Utility Marginal Utility Curves and Demand Curves Marginal Utility of Expenditure Consumer Equilibrium Measurement of Marginal Utility Postprandium Selected References Problems 6. THEORY OF DEMAND: INDIFFERENCE CURVES Properties of Indifference Curves The Price Line Consumer Equilibrium Limiting Cases Changes in Income and Prices Deriving Demand Curves from Indifference Curves Income and Substitution Effects Effect of a Consumer Subsidy Negative Income and Price Effects Indifference Curves and Elasticity of Demand Postprandium Selected References Problems 7. AVERAGE, TOTAL, AND MARGINAL REVENUE Average Revenue and Marginal Revenue Price, Quantity, Slope, and Marginal Revenue Continuous and Discrete Marginal Revenue Total Revenue and Average Revenue Total Revenue and Marginal Revenue Summary Postprandium Selected References Problems 8. AVERAGE, TOTAL, AND MARGINAL COST Total and Average Costs Total and Marginal Costs Average and Marginal Costs 77 81 83 83 88 89 92 93 95 97 98 105 106 111 113 115 117 118 121 123 124 127 128 130 133 137 137 145 148 151 153 156 158 159 160 163 163 170 172 178 180 Postprandium Selected References Problems 9. PRICES AND OUTPUT UNDER PURE COMPETITION Competitive Firm's Most Profitable Output Marginal Cost and the Firm's Supply Curve Elasticity of Supply Equilibrium Price Long-Run Supply Market and Firm Equilibrium Decreasing-Cost Industries Long-Run Average Costs Postprandium Selected References Problems 10. PRICES AND OUTPUT UNDER PURE MONOPOLY Profit-Maximizing Output and Price Long-Run Costs Taxation of Monopolies Regulation of Natural Monopolies Price Discrimination Competition and Monopoly Contrasted Postprandium Selected References Problems Monopolistic Competition Monopolistic Competition as a Theory of the Firm Monopolistic Competition and Selling Costs Monopolistic Competition and Long-Run Equilibrium Monopolistic Competition and Pure Competition Compared Postprandium Selected References Problems 12. PRICES AND OUTPUT UNDER OLIGOPOLY The Cournot Case Rival's Price Assumed Constant Mutual Dependence Recognized The Kinked Demand Curve 182 186 187 193 194 198 199 201 202 203 208 209 211 213 214 220 222 226 230 232 234 238 242 245 246 255 256 258 262 264 266 267 268 272 274 278 279 280 11. PRICES AND OUTPUT UNDER MONOPOLISTIC COMPETITION 253 Price Leadership Sales Maximization Alternative Solution to the Oligopoly Problem Postprandium Selected References Problems 13. AVERAGE, TOTAL, AND MARGINAL PRODUCT Total, Average, and Marginal Product Geometry of Total-Average and Total-Marginal Product Returns to Scale Law of Variable Proportions Production Functions and Cost Functions Postprandium Selected References Problems 14. ISOQUANTS AND THE PRODUCTION FUNCTION Marginal Rate of Substitution The Isocost Curve The Factor-Price Line Relevant Range of the Isoquant Changes in Factor Prices and Output The Expansion Path Isoquants and the Total Product Curve Postprandium Selected References Problems 15. THE FIRM AS BUYER OF INPUTS AND SELLER OF OUTPUTS The Determination of Factor Prices Input-Output and Cost-Revenue Relationships Demand for a Factor Equilibrium with Many Inputs The Monopolistic Seller The Monopsonistic Buyer The Adding-up Problem Postprandium Selected References Problems 16. POST-POSTPRANDIUM Price Theory and Other Areas of Economics INDEX 282 283 285 287 289 289 293 294 295 299 300 304 305 307 307 312 313 314 315 316 319 320 322 324 329 330 334 335 338 342 343 344 346 348 352 355 356 362 366 369

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