Download Business History: Selected Readings by Kenneth. A. Tucker PDF

By Kenneth. A. Tucker

First released in 1977. Routledge is an imprint of Taylor & Francis, an informa corporation.

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The businessman knows how much he sold last year and the price he received per unit of product. He can, therefore, plot one point on last year's demand schedule. Starting from this point he can estimate two things: first, what the cost would be of producing many different outputs and secondly, what the selling price would have to be at each level of output in order to give him the same amount of profit as he received last year. This can be calculated objectively from his records. Thus, he is able to draw up an equal profit curve.

In many recent publications where the data could be readily submitted to statistical exercise, the result has been that the actions of individuals have been given a deeper perspective. Over a wide range of business archives the records of shipping companies can, perhaps, provide the material most suitable for statistical analysis. The investment in a ship is a definable quantity; the earning capacity over a period of ECONOMIC THEORY & BUSINESS HISTORY 27 twenty years can be measured accurately, the depreciation can be assessed in precise terms and actual returns from employment can be compared with anticipated returns.

L. S. ), Uncertainty and Business Decisions (1957), 60-74; R. A. D. Egerton, Investment Decisions under Uncertainty (1960); for the role of the entrepreneur under conditions of technical change see relevant chapter in C. F. Carter and B. R. Williams, Industry and Technical Progress (1957). 12 Economic theory recognises a varied interpretation of the word 'entrepreneur' in relation to function. The word is here used in a general sense. 13 K. W. Rothschild, op. , 450-60. a 14 The word 'irrational' is here used in a non-economic sense.

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