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Economics, 10-12
Economies of large scale output, 287-288
Implicit costs, !9On
Efficiency, 35
Income, 6$n,` 70
Elastic demand, 91
Income-consumption line, 72
Elasticity, 89-93, 130, 266, 280, 293n
Income effect, 77n, 78
measures of, 90-93
Incomplete equilibrium, 24-26, 214-217,
perfect, 289
230-231
of substitution, 160-163
Increasing cost, 188
unitary, 91, l3On
Increasing returns to scale, 165
Ends, 46-48
Indifference curves, l78n
Entrepreneurs, 16-18, 132, 148-150, 226-
Individual and the market, 1
230, 245-246, 304-305
Indivisibilities, 195-197, 205
Envelope curve, 2O4n
Inelastic Demand, 91
Equilibrium, 22-26, 112, 212-222, 289,
Inelastic supply, 140-141, 2l9n
299
"Inferior" goods, 72, 75, 78
in factor market, 225-231
Innovator, 258
in general market, 246-250
Interest rate, 314
incomplete, 24-26, 214-217, 230-231
Interferences with market process, 307-
long run, 212-216
309
partial, 26
Intertemporal exchanges, 313-320
short-run, 26, 215-216
Intertemporal market, 313-316
very short-run, 216-217
Investment, 153
Equi-marginal principle, 66rø
Exchange, 1-2, 60-61, 105-135, 147 Isocost line, 177
Existence Theorems, ̬9n Isoquant line, 153-163
Expansion path, 180
Expectations, 82-83, H3rc, 199-200, 2O3n, Knight, F. H., 44, 84, l73n, 182
Knowledge, 42, 108-114, 214-217, 246,
224-225, 315
250, 289, 301-302
External diseconomies, 2O7n
External economies, 2O7n
Labor, 150, 226-227
Land, 150, 226
Factor, divisibility, 155;?, 195-197, 204
Large-scale output, economies of, 287-
market, 19, 225-234
288
of production, 150-153
Laspeyres price-index, 74rc
proportions, 158-164, 165-180, 195-197
Law of diminishing returns, 166, 172
Firm, theory of, 149
Laws of variable proportions, 142, 165-
Fixed costs, 192n, 2O3n
Freedom, 1, 13-14 175, 196
Least-cost combination, 176-181
Free goods, lO9n, l3ln, 175, 229n, 268n,
Leftwich, R. H., 264
278, 283
323
INDEX


Leisure, 63M, 226-227 Monopoly, 261, 265-296, 307
Long-run costs, 202-206 gain, 284
Long-run equilibrium, 212-216 incomplete, 269
Long-run forces on supply, 191 in production, 274-282
in pure exchange economy, 128-131
Machlup, F., 77`n, 84 235, 27On, 29In, price discrimination, 291-294
296 resource, 265-274
Monopsony, 272-274, 282-284
Malanos, G., 320
Multi-commodity market, 116-128
Marginal costs, 198-204
Multi-period planning, 311-320
Marginal increment of product, 156,
167-174, 228, 241-242, 247, 300
Normative aspect of economics, 33-35,
Marginal pairs, 111
297-298
Marginal product, 156M, 173
Marginal rate of substitution, 158
Oligopoly, 270
Marginal revenue, 97-98, 198-202, 213,
Opportunity cost, 145, 184-187, 248
215, 241, 248, 292
Opportunity line, 67-69
Marginal revenue curve, 130, 275-276,
Optimal proportions, 161
292
Ordinal utility (see Utility, ordinal)
Marginal unit, 59, 66
Marginal utility, 48-62
"Paradox of value," 53-54
Marginal utility and consumer income
Partial equilibrium, 26
allocation, 63-65
Partial market processes, 210-235
Market, 1, 13-22
Patents, 308
adjustment and agitation, 26-29, 114-
Perfect competition, 289-291
115, 131-134, 217-225, 231-233,
Positive aspect of economics, 32-34
244, 250-252
Price discrimination, 291-294
disappointments, 23, 114
Price, monopoly, 128-131, 267, 275-282
forces, 3
Prices, 38-41, 105-141, 210-235, 241-261
general, 233-264
factor, 206-208, 225-234, 241-244, 247,
inter temporal, 313-316
255, 258
multi-commodity, 116-128
product, 211-225
roles, 15-18
Priorities, 36-38
single commodity, 107-116
Private property, 13
single factor of production, 225-234
Product differentiation, 285-287
single product, 211-225
Product, marginal, 156M, 173
structure, 18-22
marginal increment of, 156, 167-175,
system, 3-4, 13-44
228-229, 241-242, 247, 300
theory, 4-12
market (see Market)
Marshall, A., 84, 104
prices, 211-225, 241-244, 218, 253-255
Maximum prices, 307
Production, 16-18, 37-38, 142-182
Maximization, 58M
economists' view of, 143
Means, 46-48
function, 155-158
Menger, C , 20, 32
surface, 155
Menger, K., l72n
Minimum prices, 307 Profit, 39-43, 201, 249, 302-305
Mises, Ludwig v., 12, 44, 62, 147M, 209, Purchasing power of income, 73-74
Pure competition, 289-291
235, 264, 284M, 294M, 296, 320
Mobility of resources, 305-306 Pure exchange economy, 105-134, 312-
Money, 14-15 316
Monopolistic competition, 285n Purpose, 5
324 INDEX


Quandt, R. E., 320 Specialized factors, 152
Specificity of factors, 152, 193-194, 23On
Related goods, 52-53, 75 Stackelberg, H. V., 32, 104, 320
Relative character of utility, 57 Stigler, George J., 12, 104, 2O3ra
Rent, 184-187, 230 Stonier, A. W., 182
Resources, 16, 150-153 Storage, 313
Resource, allocation of, 297-309 Subjective character of utility, 55-57
market, 19, 225-234 Substitutes, 52, 75, 100, 102, 150-151
misallocation, 299-302 Substitutability of factors, 150-151, 158
mobility, 305-306 Substitution effect, 77ra, 78
monopoly, 265-274 Supply, 183-209
owners, 16, 237-242, 247, 266 Supply curve of the firm, 202
prices, 206-208, 225-234, 241-244, 247, Supply curve of the market, 137-140
255, 258 Supply and Demand, 136-141, 229n
Returns to scale, 164-165, 204-205 Supply and factor prices, 206-208
Revenue, average, 97
marginal (see Marginal revenue) Tastes (see Utility)
total, 96 Time and production, 190-192, 316-320
Ridge lines, 167-170
Robbins, Lionel, 12 Uncertainty, l5w, 17-18, 82, 113n, 144,
Robinson Crusoe, 143-146 203, 315
Robinson, Joan, 294n Utility, cardinal, 57-59, 66n
Rothbard, Murray, 62 marginal, 48-62
ordinal, 57-60, 98n
Saving, 64n theory, 45-62
Scale of production, 163, 204-206
Scale, returns to, 164-165, 204-205
Variable costs, l92n
Scale of values, 45-60
Variable proportions, law of, 142, 165-
Scitovsky, T „ 29In
175, 196
Sellers' surplus, 110
Versatility of factors, 152, 193, 194, 239,
Shackle, G. L. S., H3n
263
Short-run costs, 198-202
Vertical market relationships, 18-20
equilibrium, 26, 215-216
Very short-run equilibrium, 216-217
forces on supply, 191
Viner, J., 209
Significance (see Utility)
Single commodity market, 107-116
Wages, 63n
Single product market, 211-225
Welfare economics, 298-299
Smith, Adam, l47rc
Speculation, 17-18, 315-316 Wicksell K., 135, 235
Specialization, 36 Wicksteed, P., 62, 135, l4On, 235

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