The Theory of Competitive Price

allocation amount analysis arc elasticity assumed assumption average cost curve average product average variable cost bushels cent Chapter combination commodity competition constant returns consumer consumer's decreasing demand curve determined diminishing returns economic economists elasticity of demand entrepreneur equal example explain fact factors farm Figure fixed service future prices given hence illustration imperfect competition important increase indifference curves indivisible J. R. Hicks labor land law of variable laws of return less long-run average cost Macmillan marginal cost curve marginal product marginal rate marginal revenue maximum money income number of firms output period possible price line problem production function productive services profits purchased quantity demanded quantity supplied rate of substitution relationships relative rent returns to scale rise secured sell seller short-run normal specific sumers supply curve Table tion total cost total product curve units of capital-and-labor variable proportions variable service wage rate wheat