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Showing posts with label marginal cost. Show all posts
Showing posts with label marginal cost. Show all posts
Thursday, February 13, 2014

Steve Keen, Debunking Economics, Chapter 5: Theory of the Firm

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I review Chapter 5 of Steve Keen’s Debunking Economics (the rev. and expanded 2011 edn.) below, which is a discussion of the Post Keynesian...
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Marginal Cost and Public Goods

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In neoclassical theory, firms are supposed to maximise profit by seeking a level of output where they equate marginal revenue with marginal ...
2 comments:
Friday, January 10, 2014

Lee on the Three Types of Mark-up Prices

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A price that is set by a firm on the basis of average unit costs of production plus a profit mark-up is an “administered price.” These pric...
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Tuesday, December 3, 2013

Mises on Marginal Cost: A Critique

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Mises discusses marginal cost and prices here: “The planning entrepreneur is always faced with the question: To what extent will the anticip...
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Thursday, November 28, 2013

Price, Average Total Cost, Average Variable Cost and Marginal Cost

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The graph below illustrates the cost curves of a typical real world firm as understood in the Post Keynesian theory of the firm. Such a firm...
19 comments:
Monday, November 4, 2013

Hall and Hitch on Marginal Cost and Price

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What R. L. Hall and C. J. Hitch discovered in the 1930s is still of interest: “The basis of current doctrine on the price and output policy ...
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