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The measurable variables in economics are quantity, quality and distribution. Measuring quantity in economics follows the rules of measuring in physics. Quality as a variable refers to qualitative changes in the production process. Qualitative changes take place when relative of different constant-price input and output factors alter.
Marshall's original introduction of long-run and short-run economics reflected the 'long-period method' that was a common analysis used by classical political economists. However, early in the 1930s, dissatisfaction with a variety of the conclusions of Marshall's original theory led to methods of analysis and introduction of equilibrium notions.
Economics, business, accounting, and related fields often distinguish between quantities that are stocks and those that are flows. These differ in their units of measurement. A stock is measured at one specific time, and represents a quantity existing at that point in time (say, December 31, 2004), which may have accumulated in the past.
Analytical Economics: Issues and Problems. Cambridge, Mass.: Harvard University Press. ISBN 9780674281639. Hanoch, Giora (June 1975). "The Elasticity of Scale and the Shape of Average Costs". American Economic Review. 65 (3): 492– 497. JSTOR 1804855. Kaldor, Nicholas (December 1972). "The irrelevance of equilibrium economics". The Economic ...
Indifference curve analysis is a purely technological model which cannot be used to model consumer behaviour. Every point on any given indifference curve must be satisfied by the same budget (unless the consumer can be indifferent to different budgets).
Measuring market power is inherently complex because the most widely used measures are sensitive to the definition of a market and the range of analysis. Magnitude of a firm's market power is shown by a firm's ability to deviate from an elastic demand curve and charge a higher price (P) above its marginal cost (C), commonly referred to as a ...
The magnitude of an intensive quantity does not depend on the size, or extent, of the object or system of which the quantity is a property, whereas magnitudes of an extensive quantity are additive for parts of an entity or subsystems. Thus, magnitude does depend on the extent of the entity or system in the case of extensive quantity.
The magnitude is the numerical value of the characterization, usually obtained with a suitably chosen measuring instrument. A unit assigns a mathematical weighting factor to the magnitude that is derived as a ratio to the property of an artifact used as standard or a natural physical quantity.