Production and Costs

Steven E. Landsburg

Chapter 6 in Price Theory and Applications, 2024, pp 169-206 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Suppose you want to download some full-length movies from the Internet. There are (at least) a couple of ways to do that: You can spend more time downloading, or you can get a faster connection.If the problem is to download more movies by tonight, you’ve got fewer options; a fast connection might take several days to install. In that case, you’re just going to have to devote more hours to downloading, and the value of those hours measures the cost (to you) of getting those movies…

Keywords: Microeconomics; Price Theory; Supply and Demand; Demand Curve; Adverse Selection; Budget Line; Indifference Curve; Common Property; Competition; Competitive Industry; Constant-cost Industry; Consumer Surplus; Producer Surplus; Social Gain; Social Welfare; Efficiency Criterion; Economic Efficiency; Cost; Price; Deadweight Loss; Price Ceiling; Tariff; Rationing; Quotas; Equimarginal Principle; Price Discrimination; Monopoly; Two-part Pricing; Two-part Tariff; Fishery; Collusion; Income Effect; Substitution Effect; Normal Good; Inferior Good; Giffen Good; Externality; Property Right; Coase Theorem; Transactions Cost; Law of Demand; Marginal Cost; Marginal Revenue; Marginal Value; Market Failure; Moral Hazard; Nash Equilibrium; Normative Criterion; Positive Economics; Oligopoly; Hayek; Social Cost; Economics of Information; Sales Tax (search for similar items in EconPapers)
JEL-codes: D D04 D4 L11 (search for similar items in EconPapers)
Date: 2024
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