Smartness Marina Preference Theory

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Smartness Marina Preference Theory Armstrong is essentially  orthodox cardinal and stands in Marshall’s erudition. lie has fill gad his own tools establish agriculturalist. I theory is schuss two interdependent concepts,uncertainty aim indifference. We have seen above that the two assumptions on which Humane-Consternation’s theory is based arc: first the consumer docs not regard the object of his choice as ‘sure […]

Relationship Between AR and MR

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Relationship Between AR and MR Let us consider the relationship between marginal average and total revenue at previous levels of output more fully with the help of a table given below. This table represents a situation of a hypothetical finn. Price of 11th unit minus loss in revenue Oil units resulting from price reduction. Generally speaking, marginal revenue is less […]

Neumann torgenstem Statistical theory

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Humane engorgement Statistical theory We have seen above that the two assumptions on which Humane-Consternation’s theory is based arc: first the consumer docs not regard the object of his choice as ‘sure prospects. Though the nature of the end is certain, one is nut certain as to how the end is to be achieved. The second assumption is that the consumer is nut […]

Which is More Important: Demand or SIpply?

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Which is More Important: Demand or SUpply? An important reason for introducing time clement in the determination of price by Marshall was that it is thereby possible to resolve the controversy raised among economists before Marshall as to whether it is demand or supply which determines price. According to Marshall both demand and supply determine price. Rut, “as a general rule”, said […]

Tillie Affects Supply

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Tillie Affects Supply From the above analysis, one important conclusion follows that it always takes time for the supply to adjust( (ully (0 the changed conditions of demand. The reason why changes in supply conditions take time to adjust themselves to the changed demand condition is that the nature of technical conditions of production is such as to prohibit instantaneous […]

Hicks Revised Theory of Demand

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Hicks Revised Theory of Demand Hicks’ first theory of demand was presented in his book ‘Value and Capital.’ He revised his theory and published his book .A Revision of Demand Theory’ in 1956. Samuelson’s revealed preference theory, the growing importance of econometric and other allied developments led to this revision. In . revision of the demand theory. Hie em i the econometric […]

RECENT DEVELOPMENTS IN DEMAND THEORY

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RECENT DEVELOPMENTS IN DEMAND THEORY The demand theory is primarily concerned with the elucidation the law  demand. The law or demand states that the demand curve  lopes downward which implies two things: (a) a fall in the price or a jocundity cilium tn increase the quantity demanded, and (b) all increase in supply tends to price into quantity” […]

Decreasing-Cost Industry is III compatible with Perfect Competition

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Decreasing-Cost Industry is III compatible with Perfect Competition In case of a decreasing-co t industry, even if there is competition to start with, competition will gradually disappear resulting a monopoly or oligopoly (a few monopolists). Suppose initially there is a large number of firms ill the industry. There will be a tell dc for them to expand to take advantage of […]

Effect of Increase Wages Supply of Labour

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Effect of Increase Wages  Supply of Labour In the case of poorly-paid workers, any rise in the wage rate will not lead to a reduction in working time; it will only result in larger income which will be utilized in purchasing more goods. But beyond a certain stage, the worker will work Jess and still enjoy  more goods. Study […]