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Supply Curves and Maximum Satisfaction

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  • R. S. Meriam

Abstract

I. The decreasing cost schedule as a schedule of uniform or average cost, 170. — Incompatible with rent, 170. — Marshall's particular expenses curve and its uses, 171. — II. Professor Knight's prediction that an increased demand increases normal price, 175. — It ignores possible economies, 177. — It overlooks reduced demand elsewhere, 178. — III. The possibility of increasing cost, 180. — Professor Sraffa's view, 181. — Professor Pigou's view, 183. — Professor H. E. Miller on consumers' surplus, 185. — IV. The maximum satisfaction doctrine, 189. — Professor Pigou's statement, 189. — Marshall's treatment, 190. — Method and assumptions in dealing with the tax and the bounty as one problem, 191. — Four cases, 193. — The general conclusion, 196.

Suggested Citation

  • R. S. Meriam, 1928. "Supply Curves and Maximum Satisfaction," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 42(2), pages 169-198.
    • Handle: RePEc:oup:qjecon:v:42:y:1928:i:2:p:169-198.
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