In practice, marginal analysis is segregated into short and long-run cases, so that , . Externalities are costs (or benefits) that are not borne by the parties to the. analysis of intellectual property, relative to patent law, where economic analysis can enabling pricing in excess of marginal cost, intellectual property rights attract “[P]oetry can only be made out of other poems; novels out of other novels. their intellectual property rights, since they would benefit from having a larger. Jeff equilibrium, example, marginal benefits, marginal costs, microeconomics, . This relationship holds even though total benefits and total costs BOTH.
A more sympathetic reading would argue that authorial adherence to the matrix, while problematic in terms of achieving an overarching linear narrative, at least enabled multiple sites of coherence to be generated in non-Euclidian space in a manner recognizably analogous to sites of motivic coherence and non-coherence in structured improvisations. Moreover, a great number of essays stand out regardless — and demand to be read.
The concept was put to the other pianists and, after drawing up a division of labor, the project was born. It is Harryman, too, who provides one of the more surpassingly ironic moments in the series. As a lyric poet, he proffered to the audience a hypothetical version of Language poetry, one closer to truth, beauty, memory, the senses, and nature.
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I leave it to you, dear reader, to interpret the readings implicated in the last two lines of the poem: Such tenderness, those afternoons and evenings, saying blackberry, blackberry, blackberry. United against the despised other, the full-house audience, as if at a political rally, roared its approval. Yet they are also effective, no doubt assisted by her understated style and almost allergic aversion to any hint of grandiosity. Armantrout finalizes her Grand Piano contributions in GPX by raising a matter that became of growing interest to her over the course of the project: In GP3, Hejinian, discussing her work Writing Is an Aid to Memory and its radical exploration of the intersection between writing and reminiscence, does something similar, proffering a sense of composition as actively phenomenological: I wanted to test [writing] as a medium for thinking, that is, for putting things together, in acts of productive invention and heuristic synthesis.
The writing I was proposing was not being marshaled as a cure for forgetfulness … My motives in composing Writing Is an Aid to Memory were contrary to those of reminiscence; the work is neither anecdotal nor diaristic.
I was aiming for something encyclopedic; I was interested in epistemology: He employs a range of narrative techniques for disrupting the concept of linear, collective remembrance: A polymath in a contemporary sense — Mandel has been a serial technology entrepreneur, consultant, and thought-leader for more than twenty years — he clearly has much to offer.
Besides creating and maintaining the Grand Piano website, his literary contributions to the series including his amusing observations of the various heights of his colleagues in GP3 make one eager to read more, including his poetry volume To the Cognoscenti.
Hejinian, Perelman, Silliman, and Watten, although already enjoying distinguished reputations as essayists, provide a number of key contributions to The Grand Piano. Perelman and Silliman, too, prove very capable, and sometimes outstanding, essayists once again. His absence, then, from the Berkeley reading speaks volumes. Perelman, interestingly, appears to write more in code than his fellow pianists; his essays, laden with clever allusion, ironic superimposition and occasional professorial in-joke, work more in the realm of implication than explicitness.
Watten, as previously noted, has sung the praises of part 5, but the volumes which succeed it, in particular parts 7, 8, and X, are arguably the strongest in the series, both in terms of the range of topics covered and the depth and insight of analysis. Yet, alone among this assembly of innovative poets and scholars, part 7 has as its epigraph some pedagogical language chosen by Mandel from beyond the field of letters: But the pianists appear to read it differently, as a statement of rich artistic possibility, irrespective of formal constraint, and his words prompt some outstanding writing from these writers on music-language relations.
In GP7 we learn that music, far from merely an auxiliary interest, has played a pivotal role in many of the lives of the pianists, and deeply informed their poetics. Robinson sang and played guitar with friends at university, listened to Davis, Eric Dolphy, Thelonious Monk, and other jazz luminaries in his early adulthood, and today plays Cuban tres guitar in a salsa band called Bahia Son.
Among many interesting details, we learn that she and Ochs had, in fact — despite years of avoiding music-text collaborations on the basis that the two art forms, when superimposed, compete with rather than complement one another — actually performed together before: Pearson is arguably the most formally trained in music of the pianists, having studied liturgical and instrumental music with Harvey Samuels, Modesto Brisano, Lee Konitz, and others in the early s prior to committing full-time to poetry.
Somewhat unusually for a musician, he also proves himself to be especially effective at writing about the art form: The Grand Piano, in fact,contains many such insights. It is an immensely satisfying body of work which, if not uniformly consistent in quality throughout its breadth, nevertheless manages to convince the reader that the project has been not only worthwhile, but entirely necessary for our understanding of this dynamic moment in American letters.
Rather than put off readers with inflated statements about their own accomplishments, the pianists succeed, on the whole, in doing otherwise. They remain faithful to or at least reconstitute their original spirit of self-effacing subversiveness while providing valuable, and uniquely personal, insights into their poetics.
So where to now for The Grand Piano? My response to the first claim would be, most certainly, yes; to the second, only time will tell. In the meantime, though, readers and scholars — even those historically disposed against Language writing — could do much worse than read The Grand Piano from cover to cover, and judge it purely and solely on its merits. They will find surprise in abundance. Harryman, in GP6, clarifies the formal relationship between her compositions both written and, on occasions, in live performance and experimental music.
The Insurgent Imagination, eds. Paul Buhle, Jayne Cortez et al. Da Capo, ; George E. Lewis, A Power Stronger than Itself: John Coltrane and his Quest New York: Musicians on Music, Vol 1, ed. John Zorn New York: Granary,—35; Lewis Porter, John Coltrane: His Life and Music Ann Arbor: Harvard University Press, Here, in the first no.
Wesleyan University Press,45— In a piece discussed at length later in this review, Tom Mandel says of this more vindictive aspect of Duncan: Public good — This is in contrast to a common good which is non-excludable but is rivalrous to a certain degree.
Public goods include fresh air, knowledge, official statistics, national security, common language, flood control systems, lighthouses, public goods that are available everywhere are sometimes referred to as global public goods. Many public goods may at times be subject to excessive use resulting in negative externalities affecting all users, for air pollution. Public goods problems are closely related to the free-rider problem.
Thus, the good may be under-produced, overused or degraded, there is a good deal of debate and literature on how to measure the significance of public goods problems in an economy, and to identify the best remedies. Samuelson is usually credited as the first economist to develop the theory of public goods and this is the property that has become known as non-rivalry.
In addition a pure public good exhibits a second property called non-excludability, the opposite of a public good is a private good, which does not possess these properties. A loaf of bread, for example, is a good, its owner can exclude others from using it. A good that is rivalrous but non-excludable is sometimes called a common-pool resource, such goods raise similar issues to public goods, the mirror to the public goods problem for this case is sometimes called the tragedy of the commons.
For example, it is so difficult to enforce restrictions on deep sea fishing that the fish stocks can be seen as a non-excludable resource. Forests, water systems, fisheries, and the atmosphere are all common-pool resources of immense importance for the survival of humans on this earth.
The definition of non-excludability states that it is impossible to exclude individuals from consumption, technology now allows radio or TV broadcasts to be encrypted such that persons without a special decoder are excluded from the broadcast. Many forms of information goods have characteristics of public goods, for example, a poem can be read by many people without reducing the consumption of that good by others, in this sense, it is non-rivalrous.
Marginal cost - WikiVisually
Similarly, the information in most patents can be used by any party without reducing consumption of good by others. Official statistics provide an example of information goods that are public goods. Creative works may be excludable in some circumstances, however, the individual who wrote the poem may decline to share it with others by not publishing it 5. Cost curve — In economics, a cost curve is a graph of the costs of production as a function of total quantity produced.
There are various types of cost curves, all related to other, including total and average cost curves, and marginal cost curves. Some are applicable to the run, others to the long run.
The average total cost curve is constructed to capture the relation between cost per unit of output and the level of output, ceteris paribus. A perfectly competitive and productively efficient firm organizes its factors of production in such a way that the factors of production is at the lowest point.
In the short run, when at least one factor of production is fixed and this is at the minimum point in the diagram on the right. Within the graph shown in the figure, The Marginal cost curve, Average Fixed Cost curve and Average Variable cost curve can not start with zero as at quantity zero, short run average cost equals average fixed costs plus average variable costs. Average fixed cost continuously falls as production increases in the short run, the shape of the average variable cost curve is directly determined by increasing and then diminishing marginal returns to the variable input.
A short-run marginal cost curve graphically represents the relation between marginal cost incurred by a firm in the production of a good or service. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables, like technology and resource prices, the marginal cost curve is usually U-shaped. Marginal cost is high at small quantities of output, then as production increases, marginal cost declines, reaches a minimum value.
The marginal cost is shown in relation to marginal revenue, the amount of sales revenue that an additional unit of the product or service will bring to the firm. This shape of the marginal cost curve is directly attributable to increasing, for most production processes the marginal product of labor initially rises, reaches a maximum value and then continuously falls as production increases.
Thus marginal cost initially falls, reaches a value and then increases. The marginal cost curve intersects both the average variable cost curve and average total cost curve at their minimum points, when the marginal cost curve is above an average cost curve the average curve is rising.
When the marginal curve is below an average curve the average curve is falling 6. Microeconomics — One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses.
Microeconomics shows conditions under which free markets lead to desirable allocations and it also analyzes market failure, where markets fail to produce efficient results. Microeconomics also deals with the effects of economic policies on the aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon microfoundations—i.
Microeconomic theory typically begins with the study of a single rational, to economists, rationality means an individual possesses stable preferences that are both complete and transitive. The technical assumption that preference relations are continuous is needed to ensure the existence of a utility function, microeconomic theory progresses by defining a competitive budget set which is a subset of the consumption set.
It is at point that economists make the technical assumption that preferences are locally non-satiated. Without the assumption of LNS there is no guarantee that an individual would maximize utility. With the necessary tools and assumptions in place the utility maximization problem is developed, the utility maximization problem is the heart of consumer theory. The utility maximization problem attempts to explain the action axiom by imposing rationality axioms on consumer preferences, the utility maximization problem serves not only as the mathematical foundation of consumer theory but as a metaphysical explanation of it as well.
That is, the utility maximization problem is used by economists to not only explain what or how individuals make choices, the utility maximization problem is a constrained optimization problem in which an individual seeks to maximize utility subject to a budget constraint.
Economists use the extreme value theorem to guarantee that a solution to the utility maximization problem exists and that is, since the budget constraint is both bounded and closed, a solution to the utility maximization problem exists.
Economists call the solution to the utility maximization problem a Walrasian demand function or correspondence, the utility maximization problem has so far been developed by taking consumer tastes as the primitive. However, a way to develop microeconomic theory is by taking consumer choice as the primitive. This model of microeconomic theory is referred to as Revealed preference theory, the theory of supply and demand usually assumes that markets are perfectly competitive.
This implies that there are buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods. In many real-life transactions, the assumption fails because some individual buyers or sellers have the ability to influence prices, quite often, a sophisticated analysis is required to understand the demand-supply equation of a good model.
However, the works well in situations meeting these assumptions 7. Diseconomies of scale — This typically follows the law of diminishing returns, where further increase in size of output will result in even greater increase in average cost. The concept is the opposite of economies of scale, ideally, all employees of a firm would have one-on-one communication with each other so they know exactly what the other workers are doing.
A firm with a worker does not require any communication between employees. A firm with two workers requires one communication channel, directly between two workers. A firm with three workers requires three communication channels between employees, here is a chart of one-on-one communication channels required, The graph of all one-on-one channels is a complete graph. The number of channels of communication grows more rapidly than the number of workers, thus increasing the time.
At some point one-on-one communications between all workers becomes impractical, therefore only certain groups of employees will communicate with one another.
This reduces, but does not stop, the increase in unit costs, an organisation with just one person cannot have any duplication of effort between employees. If there are two employees, there could be some duplication of efforts, but this is likely to be minor, as each of the two will generally know what the other is working on.
When organisations grow to thousands of workers, it is inevitable that someone, or even a team, in colloquial terms, this is described as one hand not knowing what the other hand is doing. These similar systems later needed to be combined into a single Corporate Graphics System, CGS, a smaller firm would have had neither the money to allow such expensive parallel developments, nor the lack of communication and cooperation which precipitated this event.
For example, a manager might intentionally promote an incompetent worker and this type of behavior only makes sense in a company with multiple levels of management. The more levels there are, the opportunity for this behavior. In a small company, such behavior could cause the company to go bankrupt, in a large company, one manager would not have much effect on the overall health of the company, so such office politics are in the interest of individual managers.
These do not always increase the cost-per-unit, but do reduce the ability of a firm to compete 8. Financial transaction — A financial transaction is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals, the buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money.
It is still a transaction if the goods are exchanged at one time, and this is known as a two-part transaction, part one is giving the money, part two is receiving the goods. In ancient times non-financial transactions were conducted through systems of credit, in which goods. Credit has certain disadvantages, including the requirement that traders or their intermediaries trust one another, debts must eventually be settled either with goods or by payment of money, a substance of agreed value such as gold and silver.
Systems of credit are evident throughout recorded history and from archeology, by contrast little evidence has been found of widespread use of pure barter, where traders meet face to face and transactions are completed in a single swap.
The world financial transactions have jumped from 1. An item or goods are exchanged for money and this transaction results in a decrease in the finances of the purchaser and an increase in the benefits of the sellers. The smaller delayed repayments usually add up to more than the first large amount, the difference in payments is called interest.
Here, money is given for not any specific reason and this is a combined loan and purchase in which a lender gives a large amount of money to a borrower for the specific purpose of purchasing a very expensive item.
As part of the transaction, the borrower usually agrees to give the item to the if the loan is not paid back on time. This guarantee of repayment is known as collateral, a bank is a business that is based almost entirely on financial transactions. In addition to acting as a lender for loans and mortgages, the lender is known as a customer and gives unspecified amounts of money to the bank for unspecified amounts of time.
The bank agrees to repay any amount in the account at any time, in addition, the bank guarantees that the money will not be stolen while it is in the account and will reimburse the customer if it is. In return, the bank gets to use the money for financial transactions as long as they hold it.
This is a combination of a purchase and a loan. The seller gives the buyer the good or item as normal, in this way, the buyer is paying with a loan from the credit card company, usually a bank 9. Sunk cost — In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be fixed or variable costs.
However, many consider it a mistake to classify sunk costs as fixed or variable. A fixed cost would be monthly payments made as part of a contract or licensing deal with the company that set up the software. The upfront irretrievable payment for the installation should not be deemed a fixed cost, Sunk costs should be kept separate.