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A question for people who watch this page
Average total cost is a vague and ambiguous term
The term "average total cost" is vague and ambiguous. Does total cost mean the total cost of production? If so what is it averaged over? Does total cost refer to the cost to produce a single unit of output? If so why not just call it cost? And why not talk about the average cost to produce a unit of output?
The article on macroeconomics has a section explaining the development of the field. Shouldnt this article have the same? — Preceding unsigned comment added by Lbertolotti (talk • contribs) 18:47, 14 October 2012 (UTC)
- I proposed doing a history of micro article at one point (http://en.wikipedia.org/wiki/Talk:History_of_economic_thought/Archive_3#Micro_fork). It looks like you are working along similar lines. Maybe add more on classical economic theory and general equilibrium?--Bkwillwm (talk) 06:05, 16 October 2012 (UTC)
Sure feel free to improve, I just tried to cover the usual stuff you find in micro books. Regarding classical economists point of view, I think that most of what they would have to say about micro is contained in the first book of Wealth of Nations:division of labour,real price, nominal price,wages,rent,profit. General equilibrium is a tricky subject, particurarly regarding mathematical proofs, so I think its rather hard to summarize on this page.--Lbertolotti (talk) 12:39, 17 October 2012 (UTC)
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Relationship between price and quantity demanded
The statement is a bias in favor of unplanned economy. The set of choises just showes people buy what they can afford and price things at what they can afford. It is not necessarily the "happiest" set of choices. Both supply side and demand side could still be starving. — Preceding unsigned comment added by 220.127.116.11 (talk) 07:23, 12 February 2013 (UTC)
In the Assumptions & Definitions section, it is stated (without explanation) that an actor's preferences are a metric space. However, as I understand both preferences and metric spaces, this seems to be incorrect. A metric space not only allows comparison between any two points, but it also has a "metric" that can associate a scalar magnitude to any point...e.g., with a metric space, you can not only say that "she prefers apples to oranges", but you can say "she prefers 1.6 apples to one orange" -- which may not necessarily be possible; as I understand it, this is the point of the distinction between "ordinal" and "cardinal" utility. 2601:9:3400:74:8541:A080:BAB0:70F5 (talk) 18:49, 16 May 2014 (UTC)
Dr. Chen's comment on this article
Dr. Chen has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
"Also considered is the elasticity of products within the market system": The elasticity is a concept in the general topic of demand analysis. It should not have equal importance as, e.g., "markets under asymmetric information" which is usually a chapter by itself in a standard microeconomics textbook.
The section on "Behavioral economics" traces the history, but does not give a definition of behavioral economics, which should be defined as a new field of study at the intersection of psychology and economics, which takes robust insights from psychology experiments seriously and formalize it using the rigorous language of economics.
We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.
Dr. Chen has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference 1: Goldfarb, Avi, et al. "Behavioral models of managerial decision-making." Marketing Letters 23.2 (2012): 405-421.
- Reference 2: Jeon, Grace YoungJoo, Yong-Mi Kim, and Yan Chen. "Re-examining price as a predictor of answer quality in an online Q&A site." Proceedings of the SIGCHI conference on human factors in computing systems. ACM, 2010.
- Reference 3: Chen, Yan, TECK‐HUA HO, and YONG‐MI KIM. "Knowledge market design: A field experiment at Google Answers." Journal of Public Economic Theory 12.4 (2010): 641-664.