Equilibrium in an Imperfect Market

Richard Kahn
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Richard Kahn: University of Cambridge

Chapter Chapter 8 in The Economics of the Short Period, 1989, pp 119-125 from Palgrave Macmillan

Abstract: Abstract We shall now examine in greater detail the case where the prime cost curves can be assumed to be of the characteristic ⅃-shape and the individual demand curves can be assumed to be straight lines. In reality, we shall for the most part be assuming much less than this. It will be sufficient usually to assume that the demand curves are appreciably straight over the range of variation that is in question and that the average prime cost curves, while approximating to the ⅃-shape, are horizontal straight lines over this same range. The capacity output will often be useful as a datum level of reference rather than as a definite conception; other quantities will be measured in terms of it and its precise magnitude will not always be a matter of great significance.

Keywords: Demand Curve; Cost Curve; Overhead Cost; Capacity Output; Capacity Level (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09817-0_8

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DOI: 10.1007/978-1-349-09817-0_8

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