Search results
Results From The WOW.Com Content Network
More specifically, in microeconomics there are no fixed factors of production in the long-run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short-run, where some factors are variable ...
The "founding father" of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition (1933). [3] Joan Robinson 's book The Economics of Imperfect Competition presents a comparable theme of distinguishing perfect from imperfect competition.
" Journal of Economic Perspectives 33(3): 23–43. Brickley, Smith and Zimmerman (2008). "7". Managerial Economics and Organizational Architecture (3rd ed.). McGraw-Hill. ISBN 978-0073375823. The Theory of Industrial Organization, Tirole, MIT Press 1988; Thomas Philippon. 2019. The Great Reversal: How America Gave Up on Free Markets. Harvard ...
Klein, G. and Bauman, Y. The Cartoon Introduction to Economics Volume One: Microeconomics Hill and Wang 2010 ISBN 978-0-8090-9481-3. Samuelson, Paul; and Nordhaus, William. Economics. McGraw-Hill International Editions: 1989. Sutton, J. Sunk Costs and Market Structure. The MIT Press, Cambridge, Massachusetts, 1991 ISBN 0-262-19305-1.
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency: any changes made to assist one person would harm another.
Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it ...
[3] The shapes of Engel curves depend on many demographic variables and other consumer characteristics. A good's Engel curve reflects its income elasticity and indicates whether the good is an inferior, normal, or luxury good. Empirical Engel curves are close to linear for some goods, and highly nonlinear for others.
In economics, the total revenue test is a means for determining whether demand is elastic or inelastic. If an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded. If an increase in price causes a decrease in total revenue ...