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Average Cost and Marginal Cost Pricing in Marshall: Textual Analysis and Interpretation

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zamparelli, luca

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Abstract

This paper proposes a textual analysis of Marshall’s theory of firm pricing behavior under competitive conditions. It considers to what extent average cost and marginal cost pricing rules characterize Marshall’s competitive partial equilibrium, and it shows that the two rules differ for origins and can be reconciled only with great difficulty in a general equilibrium framework.

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File URL: http://mpra.ub.uni-muenchen.de/6053/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6053.

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Date of creation: Sep 2007
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Handle: RePEc:pra:mprapa:6053

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Related research
Keywords: Marshall classical competition perfect competition marginal and average cost

Find related papers by JEL classification:
D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian)

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Harris, Donald J, 1988. "On the Classical Theory of Competition," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 139-67, March.
  2. Paul J. McNulty, 1967. "A Note on the History of Perfect Competition," Journal of Political Economy, University of Chicago Press, vol. 75, pages 395. [Downloadable!] (restricted)
  3. Ekelund, Robert B, Jr & Hebert, Robert F, 1999. "The Dupuit-Marshall Theory of Competitive Equilibrium," Economica, London School of Economics and Political Science, vol. 66(262), pages 225-40, May. [Downloadable!] (restricted)
  4. Garegnani, P, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution: Reply," Review of Economic Studies, Blackwell Publishing, vol. 37(3), pages 439, July.
  5. Hart, Neil, 1996. "Marshall's Theory of Value: The Role of External Economies," Cambridge Journal of Economics, Oxford University Press, vol. 20(3), pages 353-69, May.
  6. George J. Stigler, 1957. "Perfect Competition, Historically Contemplated," Journal of Political Economy, University of Chicago Press, vol. 65, pages 1. [Downloadable!] (restricted)
  7. Garegnani, P, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Blackwell Publishing, vol. 37(3), pages 407-36, July. [Downloadable!] (restricted)
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