Report 8 years ago 3. Haven't give us very long to think about it and write it. I'm busy all summer and I've got to write my PS, then we're back at school! Report Thread starter 8 years ago 4. Original post by thegenius Haven't give us very long to think about it and write it. Report 8 years ago 5. How does mid-Dec sound? Report 8 years ago 6. Report 8 years ago 7. Does A level students include those who have just finished their A levels we are technically still sixth formers? Report Thread starter 8 years ago 8. Report 8 years ago 9.
Actually, both degree students and 6th-formers could participate in. For the same topic, the entries written by the 2 categories will be judged differently. Report Thread starter 8 years ago Report 7 years ago The deadline has been extended till 30th Dec to leave people with more time doing the research and writing up the essay. PhenolphthaleinX Badges: Original post by ninanguyen The deadline has been extended till 30th Dec to leave people with more time doing the research and writing up the essay.
I will apply to uni for entry. Original post by desy. I hope I will still have enough time to write such essay may it include diagrams? Quick Reply. Submit reply. Attached files. Write a reply Back to top. Related discussions. Related university courses. My Feed. Oops, nobody has posted in the last few hours. Why not re-start the conversation? Oops, nobody is replying to posts. Why not reply to an un-answered thread? Today on TSR.
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Marshall pointed out that it is the prime or variable costs, which constantly recur, that influence the sale price most in this period. In a still longer period, machines and buildings wear out and have to be replaced, so that the sale price of the product must be high enough to cover such replacement costs. This classification of costs into fixed and variable and the emphasis given to the element of time probably represent one of Marshall's chief contributions to economic theory.
He was committed to partial equilibrium models over general equilibrium on the grounds that the inherently dynamical nature of economics made the former more practically useful. Much of the success of Marshall's teaching and Principles book derived from his effective use of diagrams, which were soon emulated by other teachers worldwide.
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Alfred Marshall was the first to develop the standard supply and demand graph demonstrating a number of fundamentals regarding supply and demand including the supply and demand curves, market equilibrium, the relationship between quantity and price in regards to supply and demand, the law of marginal utility, the law of diminishing returns, and the ideas of consumer and producer surpluses.
This model is now used by economists in various forms using different variables to demonstrate several other economic principles. Marshall's model allowed a visual representation of complex economic fundamentals where before all the ideas and theories were only capable of being explained through words.
These models are now critical throughout the study of economics because they allow a clear and concise representation of the fundamentals or theories being explained.go here
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Marshall is considered to be one of the most influential economists of his time, largely shaping mainstream economic thought for the next fifty years, and being one of the founders of the school of neoclassical economics. Marshall was one of those who used utility analysis, but not as a theory of value.
He used it as a part of the theory to explain demand curves and the principle of substitution.
Marshall's scissors analysis — which combined demand and supply, that is, utility and cost of production, as if in the two blades of a pair of scissors — effectively removed the theory of value from the center of analysis and replaced it with the theory of price. While the term "value" continued to be used, for most people it was a synonym for "price". Prices no longer were thought to gravitate toward some ultimate and absolute basis of price; prices were existential, between the relationship of demand and supply.
Marshall's influence on codifying economic thought is difficult to deny. He popularised the use of supply and demand functions as tools of price determination previously discovered independently by Cournot ; modern economists owe the linkage between price shifts and curve shifts to Marshall. Marshall was an important part of the " marginalist revolution;" the idea that consumers attempt to adjust consumption until marginal utility equals the price was another of his contributions.
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