A Diagrammatic Representation of the Policy of Accounting Prices/ تمثيل تخطيطي لسياسة أسعار المحاسبة
Accounting prices are defined as the set of prices of factors such that if production is carried out based on cost calculations according to these prices, it will lead to the introduction of the optimal technology, which will maximize the total value of output given the community's preference s...
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| Formato: | Livro |
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معهد التخطيط القومى
2024
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| Acesso em linha: | http://repository.inp.edu.eg//handle/123456789/5598 |
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| Resumo: | Accounting prices are defined as the set of prices of factors such that if production is carried out based on cost calculations according to these prices, it will lead to the introduction of the optimal technology, which will maximize the total value of output given the community's preference schedule and factor endowment. In other words, the accounting prices of factors are the set of prices that are in equilibrium with the optimal technology.
In this discussion, only the basic factors of production, labor (L) and capital (K), will be considered. For simplicity, it is assumed that the community's preferences do not change, i.e., the relative quantities of the final commodities produced remain unchanged, so that all commodities can be expressed in terms of one commodity, the national product (P). The discussion is based on a system of continuous production functions represented by convex production contours, where each contour represents one level of production and a higher one a larger level. |
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