By Julian Le Grand, Ray Robinson (auth.)
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Additional resources for The Economics of Social Problems
Sample text
However, neither of these alternatives is compatible with consumers' willingness to buy as indicated by the unchanged demand curve (DD) - at the low price there would be too much demand and at the old price not enough for the new, larger amount being offered for sale. Clearly an intermediate price needs to be found. Such a price is given at the point of intersection between the unchanged demand curve DD and the new supply curve S"S": 125 thousand tons at 3p per ounce. The new equilibrium price is lower than the previous one, but the lower costs of production permit firms to produce a larger equilibrium output.
Dorfman [1972] has an elementary review of the workings of the market system (chapters 1 and 2). Hunt and Sherman [1972] is a less complete formal text, but does include some discussion of matters of political economy which questions of social problems inevitably involve. Notes 1. We have avoided the substantial problems encountered in measuring a basically subjective entity such as 'benefit' by assuming that it can be measured in terms of money. While this does provide a convenient measuring rod it presents problems of its own if everyone's value of money is not the same.
Such a price is given at the point of intersection between the unchanged demand curve DD and the new supply curve S"S": 125 thousand tons at 3p per ounce. The new equilibrium price is lower than the previous one, but the lower costs of production permit firms to produce a larger equilibrium output. The two examples given above show the way in which changes in the determinants of demand and supply - other than the price of butter - can be incorporated in our analysis of the way the market system functions.