The first mention of marginalism I recall came from ricardo and later marx in relation to agricultural rents because of diminishing returns. Outside of diminishing returns reswitching between different techniques of production voided diminishing returns and hence the existence of marginal condition equilibrium The production function has been a powerful instrument of miseducation _ joan robinson
Jim Devine <[email protected]> wrote: >Sabri Oncu <[email protected]> wrote: >> Marginal cost pricing assumes that price is >> independent of quantity, so profit is maximized at when price is equal >> to the marginal cost. > >no, it's where marginal revenue equals marginal cost. >-- >Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own >way and let people talk.) -- Karl, paraphrasing Dante. >_______________________________________________ >pen-l mailing list >[email protected] >https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
