The Exchange Between Quantity and Quality

Published In: The Quarterly Journal of Economics, v. 69, no. 4, Nov. 1955, p. 596-606

Posted on RAND.org on November 01, 1955

by Jack Hirshleifer

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In economic analysis, the cost isoquant between two different commodities from the point of view of a purchaser or a producer is in the general (possibly noncompetitive) case assumed to be concave to the origin — the limiting case being that of a purchasing unit with no monopsonistic power forced to move along a budget curve which is a straight line.

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